A Legend Speaks Out About The Gold & Silver Takedown

On the heels of extraordinary turbulence in the gold and silver markets, today legendary Pierre Lassonde spoke with King World News about the takedown in these key markets.  Lassonde also told KWN what to expect in the gold and silver markets going forward.  Lassonde is arguably the greatest company builder in the history of the mining sector.  He is past President of Newmont Mining, past Chairman of the World Gold Council and current Chairman of Franco Nevada.  

Lassonde is one of the wealthiest, most respected individuals in the gold world, and as always King World News would like to thank him for sharing his wisdom with our global readers during this critical period in these markets.

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Eric King:  “We obviously had another smash in gold and silver.  What are your thoughts here Pierre?”

Lassonde:  “Every year in June or early July is always the point of maximum stress for gold and silver.  This year is no exception.  When I look at gold in particular, if you go back 1974 to 1976 we saw a 47% retracement in gold.

If we were to see something like that today, gold would go slightly below $1,000.  Could it happen?  Yes, of course anything can happen, but I doubt it.  A 40% retracement is slightly below $1,200.  We’re almost there on gold already….

“So my feeling is we are seeing the maximum stress right now.  I think $1,200, plus or minus $30 is where you are going to see the bottom in gold.”

Eric King:  “Pierre, what are you doing with your own money right now?  Are you buying?”

Lassonde:  “Yes.  Actually I started buying this week.  I think there are a number of gold equities that are absolute bargains.  The liquidity trap has forced a lot of funds to sell.  But money is still leaving the sector.  That’s one of the reasons you are seeing this amount of stress.

But I am absolutely 100% convinced that come September gold is going to be 20% to 30% higher than it is today and the stocks are going to be 50% higher.  So what am I doing?  Yes, now is the time to put money to work and that’s what I’m doing.”

Source: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/27_A_Legend_Speaks_Out_About_The_Gold_%26_Silver_Takedown.html


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