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.
Sunday, February 16, 2014
Felix Zulauf Sees "Systemic Risks", "Deflationary Episode"
