Prominent economist Nouriel Roubini, who is known as “Dr. Doom,” on Monday offered a negative take on gold and certain emerging markets, along with kind words for U.S. and Japanese stocks and the dollar.
“Why are we bearish on gold? Several reasons,” he said while delivering the keynote address at IndexUniverse’s Inside Commodities Conference in New York.
Roubini said tail risks for the global economy have declined and that’s hurt demand for the metal often seen as a safe haven. In addition, gold will be pressured by a strengthening dollar and real interests rates going higher, said the economist, who is known for his generally gloomy views.
In response to a question on areas where he’s more optimistic, Roubini suggested overweighting equities vs. bonds, and within equities, focusing on advanced economies rather than emerging markets — in particular U.S. and Japanese equities rather than European or U.K. stocks.
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