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Barry Ritholtz “Gold Has A Date With $1,500 Somewhere In The Future”
December 16th, 2008
The Will Hunting Of Wall Street - "He's Wickid Smawt"
Readers of my blog are very well acquainted with Barry Ritholtz, arguably the best financial blogger on the web. For those of you who are hearing about him for the first time, Barry Ritholtz is the Will Hunting of Wall Street - a down to earth guy who is “wicked smawt”.
On December 8th, he completed this interview with Barron’s (highly recommended reading) in which he gave his outlook on the markets. He provided an outlook on various sectors, including following outlook on gold:
Has gold bottomed?
I don’t know where gold bottoms. We recommended gold for the first time in 2002 or 2003. It was strictly an inflation trade, thanks to Greenspan. And then when the GLD gold ETF first came out, we recommended that. Gold has a date with $1,500 somewhere in the future [up from $763 an ounce now], [now trading at $857] but whether it makes that move from 700 or from 400, I have no idea. You just can’t print that much paper and debase the currency and not see some sort of reaction.”
When really intelligent people talk openly about 5-digit gold, the commodity has moved beyond the fringe and into the mainstream. This potentially bodes very well for North American juniors…..stay tuned.
Regards,
George
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AGORACOM-JEFFC
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