Watch the whole 29-minute interview at http://www.goldmoney.com/vogt-interview. Claus Vogt (http://www.sicheres-geld.de/) talks to James Turk about the current market situation. He sees stocks overvalued and technically near a top and expects them to head down in the following months. He also expects commodities to correct, within the longer term uptrend. He explains that emergent markets are acting as leading indicators and have already started to correct, while US stocks topped out. Claus Vogt sees the rising interest rate scenario, the end of QE and surging inflation as the catalyst for a new recession. He sees US stocks as more overbought than German or European shares, but nonetheless expects Euro shares to drop more than US markets in a bear market. Both Claus and James see gold as one of the few safe havens left, especially now that Treasuries and other “refuge” assets have lost this status. The interview was recorded on 14 May, 2011 in Hamburg, Germany.