“The bull market has exhausted itself…”

So says billionaire Stan Druckenmiller.

“Druck” managed Duquesne Capital from 1986 through 2010. He earned returns of 30% per year… for 25 years… without a single down year.

When Druckenmiller talks, we listen… and he’s saying some disturbing things about the U.S. economy and stock market…

When I look at the current picture of expected tax revenues combined with benefits promised to future generations, this is the most unsustainable situation I have seen ever in my career…

[Central bankers] stumble from one short-term fiscal or monetary stimulus to the next despite overwhelming evidence that they only produce a “sugar high” and grow unproductive debt that impedes long-term growth.

Moreover, the continued decline of global growth—despite unprecedented stimulus the past decade—suggests we have borrowed so much from our future and for so long that the chickens are now coming home to roost.

Druckenmiller’s response to these dangers won’t surprise regular Daily readers…

Market Realist reports he’s moved 30% of his total assets under management into gold. He gets the bulk of his exposure through the SPDR Gold Trust (GLD). It’s an exchange-traded fund (ETF) that tracks the gold spot price. Druckenmiller expects gold to rise in a world of extravagant spending and negative interest rates.

Bottom line: If you haven’t bought gold as “wealth insurance” based on our recommendations… take a lesson for Stan Druckenmiller. Buy gold—soon.