Arguing in favor of the US dollar, O’Neill’s says that Swiss and Japanese currencies have lost their appeal after the intervention of the central banks in both Swiss franc and Japanese yen and are no longer seen as safe havens.
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Even gold is losing its glitter as safe haven due to price fluctuations. Gold was sold off in the fourth quarter of 2011 as investors took profit, he says.
O’Neill writes that the opportunities open to the investors have shrunk and 2012 will continue to go through a phase of low growth and higher market volatility but he believes that the US economy will grow by 2% in 2012.
O’Neill’s belief on the US market is based on the implementation of austerity measures to reduce the government’s US$15.2 trillion public debt.
With the Eurozone’s debt crisis and the US introducing fiscal austerity measures, it is expected that investors’ will search for a safe haven, and that safe haven will be the US dollar, O’Neill opines.
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