July 26, 2012
Today legendary value investor Jean-Marie Eveillard told King World News, “This will end in destruction at some point, and that is why I say to you that I don’t want to lose my position in gold. At some point there will be a fire that cannot be contained.” Eveillard, who oversees $50 billion at First Eagle Funds, also said, “I don’t want to lose my position in gold because I continue to believe that currencies are being debased.”
He also discussed Europe and the US, but first, here is what Eveillard had to say regarding gold: “Over the past week I kept reading various pieces, I think more recently it was from the people at Barclays, saying, ‘Gold is going to get into trouble. That from a technical standpoint gold is not acting well, so look out below.’ I suspect what has happened is that there were many short-term traders who were caught being short gold, and they are being forced out of their positions.”
Jean-Marie Eveillard continues:
“There have also been many bulls who have sold out their positions and said, ‘I will buy back maybe 7%, 10% or 15% lower.’ But the 7% or 10% or 15% never came and they lost their position. I don’t want to lose my position in gold because I continue to believe that currencies are being debased.
KWN readers have to understand that after a major financial crisis, a balance sheet related crisis, there is no quick recovery….