“A speculative bubble” may be developing, Belski wrote. Consumer demand for gold has tumbled and mine production is little changed, and these trends don’t “appear to support current price levels,” he added.
Brian G. Belsk, 42, previously worked in Merrill’s wealth-management business and was a strategist at Piper Jaffray Cos. In a Jan. 12 research report, he said the deteriorating economy meant stock market gains since November were unjustified and advised investors to sell shares.
Bloomberg
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