Today legendary value investor Jean-Marie Eveillard, who oversees $73 billion, told King World News, “I say to myself when I’m in a good mood, ‘Wall Street is nothing but a vast promotion machine.’ When I’m not in a good mood I tend to think, Wall Street may be, after all, a den of thieves.” Eveillard also tore into Goldman Sachs for their bearish call on gold, and went on to emphatically state, “I’m not selling any of the gold I own.”
“What’s catching my eye is the Fed is printing enormous amounts of money. Meanwhile the Bank of Japan, which up until recently had been quite reluctant to print money, Mr. Abe has now indicated without any ambiguity they will print very freely.
“To the extent that the central banks continue to print, and at some point the European Central Bank will print again, I think we have the conditions for the pure paper money system, which has been in place now for more than 40 years, to continue to fray at the edges.
So what I’m saying is that I have no idea where the price of gold will go over the short-term, but I think from a medium-to-long-term standpoint the conditions continue to be quite ripe for the price of gold to go up again. Now I understand that Goldman Sachs has recently produced a paper which is negative towards the price of gold.... "