09 Oct 2009

I’ve Heard of Hedging Yourself With Gold, But This Is Ridiculous…

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Robert Wenzel discussing the views of billionaire investor Carl Ichan:

That’s why he could say this morning on CNBC that there is a real risk of a double-dip recession and the market is acting in a “schizophrenic” way, which could cause a “bloodbath” for investors. How much more schizophrenic can you get than my forecast that depending on how things break, you could see gold at $500 per ounce or, on the other hand, $3,000 if they break the other way.

I can’t find the link right now, but Wenzel also forecast that depending on how things break, unemployment next year could be anywhere from 5% to 30%. You heard it there first.

(For those interested in civility and playing fair, here is the context of Wenzel’s gold forecast.)

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