Thursday, June 13, 2013

Frank Holmes - 'Non-Event if Gold Falls Another $100'

Holmes Frank 2013Frank Holmes, CEO of US Global Investors in San Antonio, sat in with the CNBC Squawk Box crew to speak about gold.  That’s usually a little like a Christian going into an arena full of lions for the media elites, but we digress. 

Frank gives a yeoman’s performance, pointing out that the current correction for gold has not yet equaled the 2008 correction percentage wise.  “It’s a non event for gold to fall another $100 (from here),” Holmes said.   He sees the gold market as having potential volatility of 10% to the downside and 30% to the upside over the next 18 months.  That implies a possible range of between $1240 to $1790 with gold changing hands at $1377. 

Imagine how improbable it is that another guest on CNBC, Mr. Howard Ward, CIO of Gamco mentioning that the speculative short position in futures last week was at an all time high and that he is willing to take the other side of those spec shorts on gold.  Improbable or not, that is exactly what unfolded in the video this morning. 

We regard this brief video segment therefore worthy of viewing and sharing.  

Nice going Frank. 

Source: CNBC 


The Original
Vulture Speculator

Trading gold, silver and mining shares since 1980 with a focus on taking advantage of volatility extremes, Gene Arensberg analyses the markets through a basket of technical and fundamental indicators and shares his findings from time to time here at Got Gold Report. Mr. Arensberg has been quoted in the Wall Street Journal, Dow Jones MarketWatch, USA Today and dozens of other news organizations.

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