Griffiths:  “The big gains will not be in Western world markets.  I know it’s very tempting to feel in love with one’s own home market, and feel America is biggest and best and so it has to beat everyone else, but on the planet I live on that’s absolutely not where we are....

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“We are going into an Asian-dominated world, with first China and then India being the two biggest economies on the planet.  In the West, companies are growing, but they are growing best when our companies participate in the growth in Asia.

And because of where we are on US valuations, and to some extent British valuations, it will be very difficult to achieve solid return on equity investments in the next few years.  Whereas in those Asian markets, with all of those billions of people just trying to work for some of the things that we take for granted, they are going to grow a lot more.

We’ve just had the major meeting from China, laying out the agenda for their future, and it’s all about allowing markets to have a bigger say.  China will still be a ‘command economy,’ but they are going to let markets have a bigger say.  I do not yet have a technical buy signal on China, but I do have one on India.  Those two markets will compound at a much more rapid rate than we can achieve in the West. 

So the Western businesses are the ones that say, ‘We are going to be big in Asia and grow with them.’  That would also be my focus, away from the West, because in the West it’s all about retiring baby boomers who were born in 1946 and thereafter.  Their consumption isn’t going to drive anything dramatic for the next 10 years.

I agree with Mr. Carl Icahn when he said that markets are setting themselves up for quite a ‘nasty correction.’  I think that if the market continues higher into the coming year, we are setting ourselves up, as Mr. Icahn said, for quite a nasty correction during the early portion of 2014.”

Griffiths added:  “Nature has given a fantastic new bonanza to the Western world, and very particularly to the USA.  This is the ability to be self-sufficient in cheap hydrocarbon energy.  It would be very dumb to say, ‘Well, that doesn’t count.’  That is a genuine bonanza which will wonderfully beneficial.  This wasn’t forecast by anybody, and thank God for it because it may just help us to get out of the pile of debt we’ve gotten ourselves into in the first place.”

Eric King:  “What do you say to frustrated hard asset investors?”

Griffiths:  “I am long of gold at the moment, but right now gold is below its 200-day moving average, which is still falling.  So it counts as being in a cyclical bear market.  This is still in the context of a secular uptrend.  Meaning, once this cyclical correction is out of the way, and I think it will end in the next month, the next surge takes gold through $1,900 and up to around the $2,400 level next year.  There is no doubt that the secular uptrend is still in place.  And although it feels like the old trend is broken, history shows that such setbacks are quite normal in long-term secular uptrends.”

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