Stock-market legend who called 3 financial bubbles says this one is the 'Real McCoy,' this is 'crazy stuff'

Gold last traded at $1,778 an ounce. Silver at $17.70 an ounce.

NEWS SUMMARY: Precious metal prices steadied near 8-year highs Wednesday on rising economic uncertainty. U.S. stocks fell sharply as traders grew worried about the increasing number of coronavirus cases, which raised concern about economic reopening and recovery.

MARKETWATCH---"Jeremy Grantham, co-founder and chief investment strategist at Boston-based money manager Grantham, Mayo, Van Otterloo & Co., is offering up a stark warning to speculators driving the stock market to new heights amid the greatest pandemic of the past century. 'This is really the real McCoy, this is crazy stuff,' said Grantham...Gratham painted a very dire picture of the investment landscape in the U.S., suggesting that rampant trading by out-of-work investors and speculative fervor around bankrupt companies, including car-rental company Hertz Global Holdings Inc., reflects a market that may be the most bubblicious he's seen in his storied career. 'It is a rally without precedence,' he told CNBC, noting that the run-up comes amid a period in which U.S. economic health is at a low point, with millions of people out of work and bankruptcies likely to continue to rise due to a slowdown in business activity and closures that have come in the aftermath of lockdowns implemented to curb the spread of the deadly COVID-19 pathogen....Grantham is worth paying attention to due to his prescient calls over the years. He said that stocks were overvalued in 2000 and again in 2007, anticipating those market downturns, the Wall Street Journal reports. Grantham also signaled that elements of the financial market had become unmoored from reality leading up to the 2008-09 financial crisis. Asked what level of exposure investors should have to U.S. equities...'I think a good number now is zero - and less than zero might not be a bad idea if you can stand that.'"