PIMCO's Bill Gross says he expects stocks and bonds to return less than 5 percent in 2013, with the U.S. unemployment rate remaining at 7.5 percent or higher.
"1) Stocks & bonds return less than 5%. 2) Unemployment stays at 7.5% or higher 3) Gold goes up" Gross, the co-founder of Pacific Investment Management Co (PIMCO) and manager of the world's largest bond fund, wrote in a twitter post on Sunday. (link.reuters.com/cyx84t)
As of Friday the total return on the Standard & Poor's 500 index, including dividends, was 12.33 percent for the year, while spot gold was up 5.8 percent at $1,654.90 per ounce. The U.S. unemployment rate stood at 7.7 percent in November.
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