I could think of lots to spend $664,000 on if someone handed it to me today. A parking place is not one of them.
But apparently, Kwan Wai-ming is cut from a different cloth. The executive director at the Huarong Investment Stock Corp. reportedly shelled out that much dough for 187 square feet of concrete a few months ago.
Granted, that was in the world’s most expensive real estate market, Hong Kong. And Mr. Wai-ming apparently isn’t the first to shell out big bucks for parking. Someone else dropped $615k on a space in 2016.
But when I came across this anecdote conducting research on a blockbuster new report, I couldn’t help but shake my head. Because it’s just a symptom of the “Everything Bubble” I’m seeing out there.
Stocks of all types and sizes. So-called “safe” government bonds and ultra-high-risk “junk” debt. Tiny houses in Texas to “Billionaires Row” condos in Manhattan. Modern avant-garde artwork to Old World masterpieces. Collectibles, trinkets, and trophies. And yes, Hong Kong parking spaces.
This bubble is sweeping up virtually every asset market on the planet. It’s so massive, it makes the Dot-Com Bubble and Housing Bubble look like two leisurely walks in the park. Worst of all, it appears on the cusp of popping — leaving us with an “Everything Bust.”
I don’t stake out a position like this lightly. In fact, I’ve been riding the stock market rally for all it’s worth for years now. My subscribers have had the chance to grab multiple rounds of double-digit profits on both mainstream, higher-yielding stocks and lesser-known, little-followed under-the-radar names.
But the times they are a-changing. And so should your investment style.
The good news? While there are lots of ways to profit in an Everything Bust — many of which I’ve already started discussing and many more of which I’ll talk about in the future — one thing you have to own here is gold.
The yellow metal has already been stair-stepping higher since the end of 2016. Now, it’s knocking on a massively important level of overhead technical resistance around $1,340 to $1,380 an ounce, as you can see in this weekly chart. If we can clear that zone, it’s gonna be “Look Out Above” time for gold!
Bottom line: Forget about spending any $664k windfall on chunks of concrete or asphalt. Buy the one asset that could prove to be the ultimate safe haven if the Everything Bust strikes instead.
Until next time,