David Morgan, or the “Silver Guru”, is a precious metals analyst and the author of the Morgan Report.
Citing the case of Mark Zuckerberg selling $500m of Meta stock to build a super-bunker in Hawaii, David Morgan said the billionaires have been spooked and are slowly exiting the stock market and trying to dump their bags on retail investors.
David conceded that he’s been bearish for years while the broad indices keep on going up, but he’s still certain a big crash is on the cards.
He said he sees the choking of key trade routes – the Panama Canal by drought and the Suez by Houthi attacks – as new possible drivers of inflation.
David said he’s hiding out in gold royalty companies, due to the high cost of capital and compressed margins that the explorers and producers are witnessing right now.
His price target for gold is around $2200 for 2024, up around 10% from its current level.
He’s also extremely bullish on silver, saying it could be “the best legacy investment” out there, due to its growing industrial uses, beaten-down price, and the potential for a resurgence of inflation.
Platinum got some praise from the Silver Guru. David said he’s bullish – despite the metal’s poor price performance recently – because of widespread power outages and bubbling political unrest in South Africa, which produces around 80% of the world’s supply of platinum.
He also said he had made a handsome profit in uranium stocks, and that he was now considering taking some money off the table.
Overall, David doubled down on his long-time bearishness on the broad market indices and the dollar, continuing to champion gold and silver, with passing praise for platinum and uranium.
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