Will Gold Gain Currency With Institutional Investors?
Posted by Investment Rarities on June 21st 2011 in China, Federal Reserve, General Economy, Gold, Monetary Policy, Quants, Russia, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!
“I think the last leg up on gold takes it into the $3,000 to $5,000 range, and that will be after the big boys acknowledge that the governments have squandered our currency and debased the value of our currency in a major way,” says Cabot Money Management‘s CIO, Robert Lutts, in an interview with Yahoo! Finance. Describing three phases of the gold bull market, he says that we’re now entering Phase 2: “Phase 1 was denial on the bull market of gold; now we’re in acceptance. You’re starting to see some large hedge funds take major positions. Lots of people have put money into the GLD. But the large institutional money is totally absent on gold—I think they’re coming and I think that’s Phase 3, and I think that’s where you make the big money in gold…. For my high-net-worth customers, I’m investing 10 percent in gold. And I think that’s very important, and I’ve been there for the last five years.”
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