Obama Is A 'One-Term President': Investment Pro Howard Ruff
CNBC 06/24/2010
cnbc.com
Barack Obama is a "one-term president" while the Republicans are likely to take over Congress after this year's elections, according to investor Howard Ruff, editor of the RuffTimes newsletter.
With the latest NBC News/Wall Street Journal poll showing Obama's approval ratings at a new low of 45 percent, Ruff told CNBC that he thinks the president may not even run for re-election in 2012.
"There's a very good chance he won't even be running the next time around. This is only a four-year president," he said.
"There's an old saying, 'Never try to catch a falling safe,' and opinions about him are falling and eventually he's being abandoned by the American public, which rushed to his support," Ruff added. "Even the media's starting to say bad things about him."
As a result, Republicans could regain control of both houses of Congress, or at least put a major dent in Democrat control, he said. That would further weaken Obama's position.
"He achieved highs no president has ever achieved before and he's plummeting at probably the worst rate of any president I've ever seen in my lifetime, and I've been around a long time," Ruff said. "My personal opinion is he will be a one-term president."
The political unrest is making for a challenging investment environment, one that Ruff said makes the time ripe for gold investment. He is forecasting the metal to rise to $2,300, nearly double where it is now, while silver also will surge.
Overall, Ruff said he's encouraging clients to be "mavericks" and not follow the herd into traditional safe-haven investments, particularly bonds, which he thinks will get hit by rising interest rates.
"The rest of the herd is going to be turned into hamburger meat," he said. "Most traditional investments, especially conservative investments that are recommended now, are going to be very bad for his pocketbook."
Ruff gained credibility for his insights during the 1970s and 1980s, when he advised investors to prepare for bouts of inflation by investing in metal commodities and other alternatives to stocks and bonds. His dark-scenario strategies have gained popularity in the last two years and his newsletter remains popular with investors.
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