He doesn't necessarily agree with the thesis but points out that:
"It may be that gold is signaling an end to systemic risk in the financial system."
Obviously, that's not the case yet as gold is still above its 200-day moving average but it is a case figure any person long gold should keep in mind.
If the thought of a gold bear market depresses you, I have the perfect antidote. In a Financial Times article exploring the advantages of some kind of return to a gold standard, someone at UBS (emphasis mine) "calculates that the US reserves of gold are so small, relative to its monetary base, that a price above $6,000 an ounce would be needed to reintroduce a gold standard. To implement that standard in Japan, China and the US, the price would be more than $9,000."
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