On Fast Money last night (via PragCap) Doug Kass called for a year of huge volatility in gold, with the yellow metal ultimately plunging 25%.
His basic thesis is that gold is a religion, and ultimately valued by whim, and that it’s basically due for a shift. We’re guessing that there are virtually no gold bulls that will be swayed by his argument, but then, that’s kind of his point. We will note that gold has clearly begun to look weighty, as yields — and thus carrying costs — have jumped. If you’re bearish on bonds, it is hard to be bullish on gold.
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