Analyst: Beware Europe, Buy Gold

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Countering some of the rosy rhetoric on Wall Street this holiday season, Guggenheim Partners CIO Scott Minerd came loaded for bear.

In an interview this morning on "Squawk Box" he questions the German Finance Minister's "street" cred, the stability of European banking and, says Spain could become the "Lehman of Europe".

"I think that there is a possibility that the subprime crisis was just the opening act to the main act and that the main act here in the ultimate financial crisis that we are living in is the European crisis", says Minerd.

CNBC's Steve Liesman labeled Minerd's doomsday scenario as the ECE or, European Cataclysmic Event.

But even in chaos or, especially in chaos, there are opportunities to make money.

Minerd's advice: Short the euro, short certain sovereign CDSs and get long gold.

Watch the full interview here.