In summary- Felix thinks the following:

The 10 year bond will get down to it's all time low (2.5% or so) soon (3-6 months?). But this will mark the end of the 30 year bull run in Gov't Long Bonds. That means long bond prices will move down and yields will start to rise.

This is important for the Gold market. Back in 2006, Jim Sinclair stated that gold will reach a minimum of $1650. This was when Gold was $600. He has much much higher targets now. However, to reach these targets, his 5 "pillars" must be in place. One of the pillars will be the recognized top in the Treasury long bond. This makes sense as people who have been seeking shelter in long bonds for the past few decades will now start to panic as bonds drop in price. The stock markets will not provide shelter. Only Gold will provide that shelter. Stay away from Bonds!

Also he said that the S&P will return to book value before this bear market is over. Book value on the S&P is about 500. So that's a 50% haircut in the general markets.

He also said there will be a currency crisis. At some point in the next 2-6 years, our debt problems will get so big that the governments of the world will not be able to stay solvent, and current world currencies will be replaced in a short period (several weeks) with a new currency.