Economist Nouriel Roubini (AKA, Dr. Doom) is warning that the world is on a “slow-motion train wreck,” saying “there are major new threats that did not exist before, and they’re building up, and we’re doing very little about it.” He also warns that people should “live on high alert” as inflation, climate change, and the risk of military conflict threaten the world. A CNBC survey found that millionaire investors are betting on double-digit drops in stocks next year, reflecting their most bearish outlook since 2008. Fifty-six percent of those polled expect the S&P 500 to decline by 10% in 2023. In other news, experts say that now that the Fed has made its final move for 2022, it’s gold’s turn to shine.

Business Insider/Zahra Tayeb
‘Dr Doom’ economist Nouriel Roubini says the world is on a ‘slow-motion train wreck’ while warning a US recession is a sure thing

Top economist Nouriel Roubini has painted a gloomy picture on what 2023 has in store for the global economy.

In an interview with the Financial Times, Roubini, often dubbed “Dr Doom” for his pessimistic predictions, said a convergence of old and new problems pose risks to the world.

“I think that really the world is on a slow-motion train wreck. There are major new threats that did not exist before, and they’re building up and we’re doing very little about it,” he said.

You can read the full story, here.

Kitco News/Neils Christensen
The Fed’s made its move and now it’s gold’s turn

The gold market appears to be taking the Federal Reserve’s hawkish stance in stride as the precious metal’s price continues to hold on to support around $1,800 an ounce.

This week the Federal Reserve signaled it will continue to raise interest rates in 2023 even if the pace of its rate hikes slows. Last week we warned that an adjustment to the Fed’s interest rate expectations presented a risk to gold. But the meeting has come and gone and gold investors are shrugging off the Fed’s new forecast that their key interest rate will peak above 5% in 2023. Heading into the weekend, February gold futures are down only 0.5% since last Friday.

According to market analysts, there could be a few reasons why gold has remained reasonably resilient following the Federal Reserve’s hawkish stance. One scenario is that investors are now becoming less concerned about inflation and more worried about a recession.

You can read the full story, here.

CNBC/Robert Frank
Millionaire investors haven’t been this bearish since 2008

Millionaire investors are betting on double-digit declines in stocks next year, reflecting their most bearish outlook since 2008, according to the CNBC Millionaire Survey.

Fifty-six percent of millionaire investors surveyed expect the S&P 500 to decline by 10% in 2023. Nearly a third expect declines of more than 15%. The survey was conducted among investors with $1 million or more in investible assets.

They also expect falling equities to reduce their wealth. When asked about the biggest risk to their personal wealth over the next year, the largest number (28%) said the stock market.

Read the full story, here.

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