Paul Singer: “Gold Rally Just Starting” As JPM Predicts A New Gold Bull Market
by Tyler Durden
ZeroHedge.com
05/11/2016
It was just last week when legendary hedge fund manager Stanley Druckenmiller delivered his latest anti-Fed sermon and once again extolled gold as the asset class to own in these experimental times in which the “bull market in stocks is exhausted”, saying “what was the one asset you did not want to own when I started Duquesne in 1981? Hint…it has traded for 5000 years and for the first time has a positive carry in many parts of the globe as bankers are now experimenting with the absurd notion of negative interest rates. Some regard it as a metal, we regard it as a currency and it remains our largest currency allocation.”
Today, it is the turn of that other prominent anti-Fed crusading hedge fund billionaire, Elliott Management’s Paul Singer, who in his latest letter said that gold’s best quarter in 30 years is probably just the beginning of a rebound as global investors weigh the ramifications of unprecedented monetary easing on inflation.
As cited by Bloomberg, Singer said that “it makes a great deal of sense to own gold. Other investors may be finally starting to agree,” Singer wrote in an April 28 letter to clients. “Investors have increasingly started processing the fact that the world’s central bankers are completely focused on debasing their currencies.”
He said that “if investors’ confidence in central bankers’ judgment continues to weaken, the effect on gold could be very powerful. We believe the March quarter’s price action could represent something closer to the beginning of such a move than to the end.”
The Rest…HERE
