by Justin Spittler
The price of gold should be a lot higher…
At least, that’s what Raoul Pal thinks. Pal is one of the world’s top “big-picture” investors. He used to work at Goldman Sachs and run a giant hedge fund, until he made so much money that he retired.
Today, Pal writes The Global Macro Investor, a research letter read by some of the world’s biggest money managers. Recently, Pal came out in defense of gold.
You see, gold has cooled off after climbing 25% over the first six months of the year. It’s down 8.5% since August. And it’s coming off seven straight down days, its worst losing streak since 2013.