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Harry Dent has spent decades warning investors about financial bubbles. Now the founder of HS Dent and author of The Sale of a Lifetime is selling his main house, has already sold his vacation home, and says he owns no gold.

“I'm selling my main house, 'cause that's the one that's gonna get hit the most,” Dent told Kitco News anchor Jeremy Szafron. “I sold my vacation home years ago.”

Dent believes the market advance since March 2009 represents “the greatest, longest bubble in history.” In his view, stocks, real estate, gold, and silver inflated together, leaving long term U.S. Treasuries as the only safe place.

When Dent appeared on Kitco in March, he said he would reconsider his forecast if a crash had not started by the end of summer. He has since reassessed the situation but maintained his warning, saying markets are still rising while losing momentum.

Housing is central to Dent’s defensive strategy. He advises owners considering a sale to focus on the property containing the most equity, because that is where an owner would suffer the largest actual loss if prices collapse.

“You should sell the house, whether it's vacation or not, that you have the most equity in, 'cause that's where you're gonna take the most actual loss,” Dent said. He argued that banks absorb much of the damage when a sharply depreciating property carries a large mortgage.

Walking away from a mortgage can damage a borrower’s credit, however, and lenders in some states can pursue an unpaid balance. Meanwhile, several measures cited in the report show mounting pressure in the housing market even though prices have not broken.

Contracts to purchase existing homes dropped 7.3% in September, reaching their lowest level since the National Association of Realtors began tracking them in 2001. Economists surveyed by Bloomberg had expected a decline of only 0.5%.

Redfin reported that 14.5% of September home transactions fell through, the highest rate recorded outside the beginning of the pandemic. Existing home prices nevertheless remained 1.3% above their level from a year earlier, according to the NAR.

Goldman Sachs estimates that more than 95% of homeowners with a mortgage are paying less than current rates, reducing their incentive to sell. Freddie Mac’s average 30 year mortgage rate reached 7.40% in mid October, compared with 6.27% one year earlier.

“This 7.5% rate should have already caused real estate to react,” Dent said, “and I think it's going to.” He warned that real estate might not regain today’s values for 20, 30, 40, or possibly 50 years.

Dent ties that bleak forecast to demographics. He believes younger generations are not large enough to purchase all the homes that baby boomers will sell during the next two decades, with large suburban properties expected to face pressure first.

His caution extends to precious metals. Gold traded near $4,150 an ounce on Oct. 20, about 26% below its record of roughly $5,590 from late January, according to CBS News, but Dent expects a substantially deeper decline.

Dent said gold could correct at least 60% to 70% and return to its 2015 to 2016 lows. China’s central bank added about 740,000 ounces in September, its largest monthly purchase in approximately three years, according to official People’s Bank of China data.

Despite his bearish near term view, Dent expects gold to stage the largest rally in its history after the crash. He places that prospective advance between 2028 or 2029 and as late as 2070, with demand from India driving the move.

Dent also expects a rapid first decline in stocks, targeting the post COVID lows of late 2022. He said that would represent a drop of about 54% for the S&P 500 and approximately 66% for the Nasdaq, while the eventual decline could reach 80% to 90%.

The Nasdaq 100 fell 5.5% during the week ended Oct. 16, its worst week since April 2025, according to the Financial Times. Hedge funds also reduced technology positions at the fastest pace in Goldman Sachs data dating to 2016 during the five trading days through Oct. 15.

Dent puts the Buffett indicator, which compares stock market value with the economy’s size, at roughly 238%. Although S&P 500 companies have delivered seven consecutive quarters of double digit profit growth, he calls current conditions the worst time in history to purchase stocks.

For the initial decline, Dent plans to use SQQQ, a fund designed to move three times opposite the Nasdaq 100 each day. Such funds reset daily and can lose money over longer periods even when the underlying market falls, according to issuer ProShares.

Dent prefers long term U.S. Treasuries for broader protection, saying they yield about 5% to 5.5%. He forecasts sharply falling long term rates during a downturn and believes TLT, which owns Treasuries maturing in 20 years or more, could rise “100% plus.”

He expects deflation to dominate for 10 to 12 years and does not believe the Federal Reserve can stop it. After the downturn, Dent plans to reinvest in artificial intelligence, crypto, and India, which he calls “the next China” from 2029 to 2065.

DISCLAIMER: GoldInvestors.news is not a registered investment, legal or tax advisor or broker/dealer. All investment/financial opinions expressed by GoldInvestors.news are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.