Interesting though he wont invest in GOLD himself?
And he has stated that emerging markets are buying it???
China has less than 2% GOLD reserves!
He was right though can he continue his pessimism??
Debt markets are in turmoil, so what as long as Asia continues to grow new money and wealth will contine to pour in with new Banks, Bond issues and investment into key area's in Western markets.
It's would be very interesting to know how much of his customers money he has in emerging economy's currency, I bet the answer is less than 5%.
Emerging economy's dont trust each others currency! But they buy Western currency and USD, this will continue and will keep GOLD from rising.
But like he said the key indicator is when we start seein daily flucuations of 25-50 dollars in GOLD then we will know it's been used basically been used as currency as this is what currently happens in the currency markets.
