Well-known investor and self-described “notorious bear” Doug Casey believes western civilization is on the decline, and he’s not optimistic that its downward trajectory can be stopped.
“The chances of stopping western civilization from declining further are about as good as the Roman Empire stopping going downhill in the mid-fourth century,” he said at last week’s New Orleans Investment Conference. “Trends in motion tend to stay in motion.”
- Gold — As inflation gets “out of control in the years to come,” leaving money in currencies won’t be a good idea. And with a bubble in stocks and a hyper bubble in bonds, gold is an appealing choice. “At this point [it’s] a very reasonably priced asset at about $1,250,” Casey explained.
- Cannabis — “There was a bubble not so long ago in [the] cannabis stocks,” said Casey. “And now it’s deflated you can sort out the good companies. The reason I like them is because I think over the next decade the cannabis industry’s going to grow 10 to 1. I think it’s almost inevitable … [if] you pick the right companies now, I think you’re going to do very well.”
- Bitcoin — “It’s late in the day for bitcoin,” Casey admitted. “It’s a bubble, but I think the bubble is going to get bigger. It’s not a prediction, but I do anticipate that’s going to happen — maybe much bigger.”
Watch the interview above for more insight from Casey on gold, cannabis and bitcoin. He also discusses “Drug Lord,” his most recent book and the latest instalment of his “High Ground” series. The transcript for this interview will be added shortly.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.