It’s nice to see some things don’t change. While the sentiment at this years PDAC conference is generally much more bullish than last year, at least one guy refuses to join the party.
Ian Gordon, publisher of the Long Wave Analyst report, maintained his long-running view that the Dow Jones Industrial Average is going to crash all the way down to just 1,000 points. In other words, he remains the ultimate bear.
There were audible gasps last April when Mr. Gordon offered this forecast at Eric Sprott’s “Night With the Bears” in Toronto.
Markets have obviously improved a lot since then, but Mr. Gordon maintained that a “cataclysmic” drop in the stock market will be needed.
“We are in deep doo-doo. Because the debt has to be flushed out of the system. That’s what’s going to happen now,” he said.
Mr. Gordon bases his research on the Kondratieff cycle, which evaluates the economy in multi-decade cycles.
Peter Koven