Sunday, February 16, 2014

Felix Zulauf Sees "Systemic Risks", "Deflationary Episode"

His summary:
"In general, we expect another deflationary episode leading to systemic risks and economic disappointments. Hence, it is time to structure portfolios much more conservatively and put capital preservation ahead of aggressive return strategies."

"It is unbelievable how bullish [investors] have become..."
"It may take a few more months until the dimension of risk in the credit system become more visible, but I expect this to be on the table in the second half /of 2014/ at the latest, when the price of gold should be higher again."

Here is the full article.