Gold prices continued to rise on Monday, nearing $1,060, as the U.S. dollar fell. Brian Belski, chief investment strategist at Oppenheimer & Co., shared his insights on gold, stock markets, and more.
“The long-gold and short-dollar trade is as crowded right now as the long tech trade was in 1999,” Belski told CNBC.
“Typically and historically, when you have everybody agreeing on the same trade you should become worried. It’s always good to be contrarian if you have the analysts to back you up, and we think we have the analysis to back up 'to be more worried about gold' right now.”
CNBC Data Pages:
Belski said investors typically buy gold because the market either is going into a recession—or because it’s hyperinflation.
“Neither one of those things are happening right now,” he said. “The economy’s going to recover and we’re not going to see inflation in this country for several quarters.”
Belski on Stock Markets:
Additionally, Belski said 1,180 is his next target on the S&P 500 in the next 12 months. He favors the technology, industrials and health care sectors. Belski said his least favored sectors are consumer staples and utilities.
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No immediate information was available for Belski or his firm.