Eveillard – Desperate Central Banks Intervene in Gold Market
February 29, 2012
Today legendary value investor, Jean-Marie Eveillard told King World News he believes central banks are desperate and they are intervening in the gold market. Eveillard, who oversees $50 billion at First Eagle Funds, had this to say about the situation, “Usually I don’t have much to say for bullion regarding day to day trading. But a move of $75 is somewhat striking. Central banks acknowledge they intervene in foreign exchange markets. They (central banks) sort of don’t exactly deny, but they are very quiet about the fact that obviously they also intervene in the gold market.”
Jean Marie Eveillard continues:
“For all I know that may be the case today (that central banks are intervening in the gold market). Whether the fact that it’s the last day of the month is important or not, I leave that to traders to explain, if there is even an explanation there.
I understand this morning that Mr. Bernanke said something to the effect that he didn’t see the point to having additional stimulus right now, although if necessary he would provide it….