With stocks plunging around the world and gold rallying, take a look at this…

Be Defensive
October 23 (King World News) – Here is a portion of what Peter Boockvar wrote today as the world awaits the next round of monetary madness:  Red again was the preferred color overnight in Asian markets that spilled into Europe (also impacted by earnings worries, notably AMS, an Apple supplier and Renault, in part citing China slowdown) and the S&P futures. We can blame overseas all we want but we still have a tightening monetary situation in the US that is only picking up steam. I’ll say this simply, be bullish if you think the Fed can pull off a soft landing. Be more defensive if you think this time won’t likely be different…

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Boockvar continues:  In this past weekend’s Barron’s Big Money Poll, only 9% of professional investors were Bearish while 56% were Bullish and the balance Neutral. Clients were only a bit more worried with 19% Bearish, 23% Bullish and 58% Neutral. I don’t know if Neutral is someone with no opinion or a cautious bull who wants to buy the dip, or someone who will turn bearish on a selloff.

CONTRARIAN WARNING: What Asset Class Is Most Attractive?
In the question of ‘What asset class is most attractive today?’ equities won by a landslide with a 71% thumbs up vote. Cash saw 8%, commodities 6%, gold 6% and other 9%. 

… The US dollar is no safe haven … while gold and US Treasuries are. Gold is at a 3 month high up about 1%.

King World News note:  The bottom line is that gold should continue to trade inverse to the stock market.  Meaning, as global stock markets continue to plunge, gold will continue to surge.  As for the near-record speculative and hedge fund shorts, they are now in the early stages of getting squeezed.

ALSO JUST RELEASED: Dow Plunges More Than 520, Gold Surges Nearly $20 But Things Could Get Much Worse CLICK HERE TO READ.

Adrian Day, Founder of Adrian Day Asset Management, discusses the gold and silver markets and much more and you can listen to it immediately by CLICKING HERE OR ON THE IMAGE BELOW.

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