Fleckenstein: “One of these days psychology is going to change regarding inflation, or the success of the central banks, and gold is going to have a very large run, whether it (the run) is $1,000 or $2,000 to the upside, I don’t know. It’s impossible to guess….
… All markets have fundamental facts that move them and sometimes the price action enters into that. With the metals, the price action seems to dominate the fundamentals a lot of the time. And the price action has been negative, so people are convinced it can only go down.
You have the dopiest of reasons dreamed up as to why gold should go lower, and yet they work. And all the intelligent reasons why it should go up, they don’t work. That’s just the way markets are. I already talked about how stupid JGBs are.
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