Former Mafia Boss Tells CNBC: "Stocks Are In A Bubble, Buy Physical Gold"

Tyler Durden's picture

Michael Franzese, a former mob boss for the Colombo crime family in New York (and GoodFellas character), told CNBC, "there's a bubble there that's going to burst at some point and when it does it's not going to be good," but there is another reason he says investors should avoid the U.S. stock market - "I did a lot of things at times with people on Wall Street.. a lot of guys are shady and they did shady things with me and I don't trust them. And I don't like other people that I don't know really well taking care of my money." As we noted earlier, his advice is to hold gold (in Physical bullion bars not ETFs), because "there will always be something there," unlike stocks "where in our country, you go to sleep, everyone tells you everything is wonderful, you wake up and everything is gone."