"Right now we have a euphoric spirit in the (stock) market and that's always a point of vulnerability," Blackstone Group vice chair Byron Wien tells Bloomberg in a March 5 interview that includes Donald Baer of Burson-Marsteller.
"We're putting $85 billion into the economy every month. In 2007, the entire balance sheet of the Federal Reserve was $1 trillion. Now in 2013, we're going to put $1 trillion in in a single year. It took from 1913 to 2007 to put the first trillion in, and it's only taken 12 months to put this trillion in. The Fed balance sheet has gone from $1 trillion to $3 trillion now and it's going to go to $4 trillion before Christmas. ... Too much of the money has gone into the stock market; not enough to the real economy. ... The case for gold is central banks around the world -- in Europe, the United States, and Japan -- are debasing their currencies. You're going to want to own something real. Gold is perceived as real, and that's why I think it's going up. But it won't go up until stocks start to go down, so we really need a crisis in the market. ... I do think gold is going up; I don't know if today's the day. I do think we're in a consolidation period. I don't think that you're vulnerable if you own gold. And it's just impossible to determine when the moment of truth is going to come."
"We're putting $85 billion into the economy every month. In 2007, the entire balance sheet of the Federal Reserve was $1 trillion. Now in 2013, we're going to put $1 trillion in in a single year. It took from 1913 to 2007 to put the first trillion in, and it's only taken 12 months to put this trillion in. The Fed balance sheet has gone from $1 trillion to $3 trillion now and it's going to go to $4 trillion before Christmas. ... Too much of the money has gone into the stock market; not enough to the real economy. ... The case for gold is central banks around the world -- in Europe, the United States, and Japan -- are debasing their currencies. You're going to want to own something real. Gold is perceived as real, and that's why I think it's going up. But it won't go up until stocks start to go down, so we really need a crisis in the market. ... I do think gold is going up; I don't know if today's the day. I do think we're in a consolidation period. I don't think that you're vulnerable if you own gold. And it's just impossible to determine when the moment of truth is going to come."
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