Friday, May 11, 2012
In the Long Run the Physical Participants Will Win the Day
"I think it’s counter intuitive. Gold normally doesn’t go up when things are the most extreme. When we had the RTO announcement on Feb 29th, it got crashed, which seemed somewhat counter intuitive. I’m going to fall back on Jim Grant’s statement here on CNBC when he said all markets are manipulated. We know the credit markets are manipulated. I suspect that central banks that are fighting this contagion out there don’t like gold going up. So I think it’s always somewhat counter intuitive. The people who sell paper gold and paper silver can rule the markets over the short term, but I think in the long run the physical participants will win the day."
at 12:35:00 PM