He himself has had almost a flawless record getting in and out of the pm market over the past decade. The irony is that he keeps having guests on his show who give terrible johnny-one-note advice (like Peter).

"In nutshell we’re back to the “Fed Watch” market but my bet is that there won’t be much to watch. It will be business as usual at the Fed with new chief Janet Yellen scheduled to take over in the new year. The perception as to whether the Federal Reserve will taper or not will still greatly influence the market. So far it’s been pretty simple: no taper = market rise while taper = market decline.

I still think it is a low interest rate, deflationary world, which continues to dictate that investors should hunt for "growth with yield" in companies with good balance sheets. The challenge is that much of the market is currently over valued by historical standards so caution is warranted but I am nibbling away on dips.

Gold

With apologies, I will reiterate what I have been saying since late September, 2012. Gold is in a downtrend and has not given any indication that it is about to break out to the upside. The risk is for a move back to $1180, (the June low). An up trend won’t be taken seriously until it can get above the $1520 level (the old support broken in April.)

Long term investors can continue to hold their positions but they will have to be patient. The trend is down. The big move may not be coming until much later in the decade."