“Stocks could fall 25 percent from peak to trough next year, while gold and oil could post strong gains, said David McAlvany, CEO of the McAlvany Financial Group.
Even if Congress steers the country away from the year-end fiscal cliff, a combination of tax hikes and spending cuts due to take effect early next year, stocks won’t have the fuel to extend 2012 gains.
Earnings have been cooling and won’t see upward support amid a time of building headwinds confronting the global economy in the form of the European debt crisis, a cooling China and fiscal issue in the United States.”
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