DAVID TICE: Stocks Will Fall 30%-60% (SPX, SPY, QQQ, TLT, IWM, DIA)
<img style="float:right;" src="http://static3.businessinsider.com/image/53ff6fdaeab8eac65ecb305d-730-547/tice-stock-call-2-1.png" alt="Tice stock call 2" border="0">
Permabear David Tice is out with his latest market call: a 30%-60% decline for stocks.
In an interview with CNBC on Wednesday, Tice said the current market reminds him of 1999 and 2006-07, periods just before sharp market sell-offs when he says, "the VIX was very low and complacency was high."
"The Fed has been able to engineer a nice recovery in asset prices from '09 to '14," Tice said, "but trees don't grow to the sky."
The drop in stocks, Tice said, will create a period of extreme turmoil, with gold being a major beneficiary.
Tice thinks gold prices will go "far above" $3,000 an ounce in the "not too distant future," and Tice said of this call: "I've never been more confident of anything in my life."
<span>Tice is the founder of the </span>Prudent Bear Fund<span>, a mutual fund that, </span>according to Federated Investors<span>, "</span><span>Seeks to help investors benefit from a declining U.S. stock market through the convenience of an actively managed bear fund."</span>
Being extremely bearish on stocks is not a new position for Tice, who said in 2009 that the S&P 500 would go to 400, and in October 2012 said the market, "really seems like it seemed in early '08."
<span>This chart from Morningstar shows the performance of the fund over the last ten years, with $10,000 invested in the fund worth $5,340 today. In contrast, $10,000 invested in the S&P 500 over the same period would be worth $22,244 today. </span>
<span><img src="http://static4.businessinsider.com/image/53ff61216bb3f7f66d6391f3-800-574/bear-performance.png" alt="Bear performance" border="0"></span><span style="font-size: 15px; line-height: 1.5em;">
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