Gage Skidmore via FlikrIn case you didn’t hear, there has been a massive sell-off in the gold markets in the past few days.
In fact, the two-day plunge was the ugliest move in 30 years.
A lot of people have lost a lot of money.
But the most vocal gold bulls are also taking hits to their reputations as they scramble to rationalize the metal’s melt down.
We went back and picked out some of the major gold bulls of the past few years.
Call it another chapter in our ongoing “Goldenfreude” series.
John Paulson owns more than 5% of the shares outstanding in GLD, the world's largest gold ETF. His portfolio of mining stocks is worth approximately $1.1 billion, according to the FT, and he's been the largest holder in miner AngloGold Ashanti since 2009. The FT now says Paulson's overall gold-related holdings losses now total $1.5 billion.
Schiff has long believed gold would become a default currency in the wake of Lehman. Last summer, Schiff expressed surprise that gold prices weren't skyrocketing after rounds of ECB asset purchasing. He recently got way deep into something called Valcambi CombiBars, which are 50-gram gold bars that can be easily divisible into 50 one-gram units.
Morgan Stanley, the broker that's long been telling clients gold is the best commodity in the market
Just last month, Morgan Stanley Chief Metal Economist Peter Richardson doubled down on his bullish gold thesis, which he tied to central bank easing. '...We believe that gold has demonstrated considerable technical strength, offers good value at current prices both as an entry level to the trading range between US$1,540/oz and US$1,800/oz,' he wrote.
By his own account, Richard Russell has 'for years' 'asked, cajoled, insisted, threatened, demanded' that his subscribers buy gold. As late as last September, Russell was predicting the U.S. would soon start backing its currency with gold at around $10,000 an ounce. He also said this would solve all of our debt problems.
David Rosenberg, the bearish economist who believes the supply-demand balance is right for higher prices
Back in 2010, Gluskin Sheff's David Rosenberg said gold would hit at least $3,000 an ounce thanks to Japan and Europe. '...Gold is no government's liability and the shape and shift in its supply curve is the shape would seem to be a little easier to make out than fiat currency,' he wrote.
Rep. Ron Paul is arguably the longest-running gold bug in the country, having first published 'The Case For Gold' in the early 80s. Until recently, Rep. Ron Paul had a 64% investment in gold and other metals. Our Walter Hickey calculated his loss at -40.3% during the past six months.