Today legendary value investor Jean-Marie
Eveillard, who oversees $73 billion, told King World News, “I say to
myself when I’m in a good mood, ‘Wall Street is nothing but a vast
promotion machine.’ When I’m not in a good mood I tend to think, Wall
Street may be, after all, a den of thieves.” Eveillard also tore into
Goldman Sachs for their bearish call on gold, and went on to
emphatically state, “I’m not selling any of the gold I own.”
Here is what Eveillard had to say: “What’s catching my eye is the Fed is printing enormous amounts of money. Meanwhile the Bank of Japan, which up until recently had been quite reluctant to print money, Mr. Abe has now indicated without any ambiguity they will print very freely. ”
So what I’m saying is that I
have no idea where the price of gold will go over the short-term, but I
think from a medium-to-long-term standpoint the conditions continue to
be quite ripe for the price of gold to go up again. Now I understand
that Goldman Sachs has recently produced a paper which is negative
towards the price of gold....
Maybe because they are a
major financial institution, so they don’t want to antagonize ‘the
powers that be,’ they don’t seem to look at it (gold) as a substitute
currency. It’s a substitute because the dollar is not what it should be
(in terms of acting as the world’s reserve currency). Sometimes I say
to myself when I’m in a good mood, ‘Wall Street is nothing but a vast
promotion machine.’ When I’m not in a good mood I tend to think, Wall
Street may be, after all, a den of thieves.”
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Here is what Eveillard had to say: “What’s catching my eye is the Fed is printing enormous amounts of money. Meanwhile the Bank of Japan, which up until recently had been quite reluctant to print money, Mr. Abe has now indicated without any ambiguity they will print very freely. ”
Jean-Marie Eveillard continues:
“To the extent that the
central banks continue to print, and at some point the European Central
Bank will print again, I think we have the conditions for the pure paper
money system, which has been in place now for more than 40 years, to
continue to fray at the edges.
“I must say I haven’t read the paper. I
haven’t read the paper (Eveillard laughs) because I’ve read quite a few
papers from Goldman about the price of gold over the past 10 or 15 years
and I’ve found none of them of any particular interest.
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