Today Michael Pento told King World News that investors are fleeing out of fiat paper and into gold and energy. Pento, who founded Pento Portfolio Strategies, also said rising oil prices will further damage an already weak global economy. Pento had this to say about the situation: “Everything I’ve been worried about regarding the fallout of global central bankers’ love affair with inflation is coming to fruition. Investors across the globe are once again dealing with the fact that the cost of filling up their gas tank is eating a significant portion of their discretionary purchases. The price of a barrel of oil has soared to near $110 a barrel, just as it always has done when the Fed has gone on one of their counterfeiting sprees.”
Michael Pento continues:
“It’s not just dollars that have been eroding in value because the price of oil in Euros is at an all-time record high. But the sad truth is that each iteration of QE, either in the U.S. or around the globe, has sent oil prices skyrocketing, inflation soaring and the economy into the tank.
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