Peter Grandich

Peter Grandich has consistently favored copper as his favorite metal, calling it the 'turtle in the race' with never-better fundamentals. He believes copper will outperform and has not moved away from it.

Peter Grandich has gone back into three or four gold mining shares, believing that the leverage in the gold bull market now comes from producers and explorers rather than physical metal. He sees gold eventually moving higher and prefers mining stocks for greater capital gains.

Peter Grandich believes silver has already bottomed and he has become fundamentally bullish on silver, moving away from his previous view of it as a second-class citizen to gold. He expects silver to rise.

Peter Grandich plans to short the S&P 500 for the first time since 2008, citing extreme overvaluation, overbought conditions, extreme bullish sentiment, early signs of a market peak (layoffs, expert shorting semiconductors), and a US economy that is in far worse shape than any time other than major declines. He is prepared to short aggressively if the market rallies, acknowledging risks from passive inflows but believing the downside outweighs them.

Peter Grandich is bearish on US Treasury bonds, expecting interest rates to rise. He believes a 10-year yield above 5% will cause a stock market correction. He sees rates moving higher due to the US debt crisis, foreign selling of Treasuries, and inflation pressures.