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Gold "could make a run at $1,900 or $2,000," says Bianco Research - Wealth Management

March 12,2013


Jim Bianco notes "huge underlying demand for gold in the last couple of weeks"

Gold

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"The price hasn't gone down at all; the price has been unchanged" after a wave of gold ETF selling, Bianco Research chief Jim Bianco tells Bloomberg in a March 12 interview.

"There is a huge underlying demand for gold in the last couple of weeks. It's offset what are the equivalent of about 7% or 8% of world production being sold in just a few weeks. Contrarian speaking like a technical analyst, that's bullish. You can find a buyer for all that gold. ... ETFs are usually bought by retail investors. Retail investors, when the price broke $1,600, started to run for the exits. Everybody else has absorbed their selling. Now when they start to wane on their selling and they've already sold a record amount for the 10-year history in ETFs, I think the price will start back up again. ...

"Gold is more than just an inflation hedge. It's an anti-fiat money hedge. In this currency war every major central bank is trying to out-ease the next central bank and devalue their currency. How does one get out of the financial system? Well, the answer is you can't. But the closest you can come to it is gold, and gold is the hard-money currency in a world of devaluing currencies. That has been its story for the last 10 years, and I think that will continue to be its story. ... I think once we're done with this little selloff here and once we've stabilized, I think we could make a run at $1,900 or $2,000. It's not that far away from current levels."



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