Globalization and credit expansion are dead, but 'I remain so bullish on gold” - Peter Grandich
“The banking crisis probably led to more of a potential recession than we might have had otherwise, if SVB and Credit Suisse and those things never happened,” Grandich said. “But now that it's happened, it's put a damper on things.”
Grandich believes the impact of the banking crisis will be concentrated on regional U.S. banks, and small to medium-sized businesses will be the ones to suffer, due to tighter financial regulation. “The Fed had the pedal to the metal, Kool-Aid for everybody,” Grandich said. “When things started to change, they said, ‘well, there's really no inflation.’ And there was. And then they said, ‘it's only transitory.’ And then suddenly, they found themselves way behind the curve, and they had to hit the brakes. They had no choice.”
He believes that emerging markets which relied on investment supported by cheap money will also suffer. “I personally have believed since the low $1600s that gold can make money from capital appreciation. It is going to go to new highs in my view, and therefore it has a substantial upside still, where I don't see that in general equities. Right now, gold should be first a hedge, and then also I believe it can be played for capital appreciation.”
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