Legendary Pierre Lassonde Weighs In On Gold Takedown
April 16, 2013
On the heels of extraordinary turbulence in the gold market, today legendary Pierre Lassonde weighed in on the takedown in the gold market. Lassonde also told King World News what to expect in the gold market 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 below with our global readers. Below is what Lassonde had to say about the smash in the gold market:
Lasonde: “Well I think for the average investor it’s probably a very scary time. Any correction of that magnitude, it shakes your belief. As you know, Eric, for the past year I have been saying that gold will continue in a sideways market with a 10% to 20% possibility of a much bigger correction.
Obviously what we have experienced is the much bigger correction. What we have seen is roughly a 30% correction, or about $600 off the highs. Now, back in the 1970s we had a 50% correction when we had that mid-cycle correction.
This time around I don’t see a 50% correction. I think what we are seeing right now is exhaustion….