Pierre Lassonde – Don’t Panic, This Is Normal Trading In Gold
November 2, 2012
With gold trading down roughly $40, today legendary Pierre Lassonde spoke with King World News about the recent action in gold and what investors should expect 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 resource world, and as always King World News would like to thank him for sharing his wisdom below with our global readers. Here is what Lassonde had to say about the action in the gold market: “We’ve been in a bull market for the past 10 years. It’s been absolutely exceptional. So these little movements like $30, $40, frankly, with gold near $1,700, you are talking about less than a 2% move. In the grand scheme of things these are very small moves.”
Pierre Lassonde continues:
“If we were talking about a 20% correction, that’s significant. But 1% or 2%, I don’t even think about it. You have to superimpose the monthly ebbs and flows of gold. Usually gold goes up in September, it comes down in October, then it goes back up by the end of November and into Christmas.
What we are seeing are just cyclical monthly moves that happen every year….