Run from Bear-Market Rally to Cash, Gold: Analyst

Stock markets are in a bear-market rally that is running out of steam and investors should seek shelter in cash or gold for the rest of the year, Paul Amery, independent financial analyst, told CNBC Thursday.

"It looks like we're topping out again," said Amery, who thinks that the overall bear-market trend could continue for two or three years.

Stocks could see sharp gains during this period, Amery said, pointing to the Nikkei 225 as an example of an index which has seen many sharp rises, but made an overall decline over the last ten years.

Picking the peaks and troughs of stock indexes is difficult, Amery warned. "Make sure you take your profits when markets rise back up," he said.