Today
one of the legends in the busines, Felix Zulauf, spoke with King World
News about the massive upcoming second leg of the gold rally and
disaster for global stock markets. The 20-year Barron's Roundtable panelist also described the stunning move in the price of gold in one major currency.
Felix Zulauf: “Now
coming to commodities: It’s clear that in this deflationary process
commodity prices will continue to decline. They will bounce once the
dollar has a correction but that will be a bounce only. The structural
decline in commodities, the structural bear market in commodities, will
continue for quite some time.
The great exception is precious metals and gold in particular….
Gold Fulfilling Its Historic Function
“Gold
is not a commodity. Gold is money. Gold actually performed extremely
well last year because it was the second strongest currency after the
U.S. dollar.
And
everybody who lives in a country where the central bank, with dumb
policies, weakens and devalues the paper currency values by printing
money like mad, is extremely well-protected by owning gold. Gold is
fulfilling its historic function.
Gold Soaring in Euros And Rally Will Continue
It
(gold) is already up 15 percent in euro terms this year alone — in this
first month. So it is fulfilling it’s function to protect its owners
against risky and dumb policies by the authorities.
I
think in U.S. dollar terms we are in a medium-term rally (in the gold
market). I think that rally has more to go. My original expectation was
for the mid-$1,300s but it could easily go to the mid-$1,400s in the
first half of this year.
Second Leg Of Gold Rally And Disaster For Global Stock Markets
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