from King World News
Today one of the greats in the business said the long term case for gold has strengthened in light of the current chaos and that the recent headwinds will not persist.
Gold Troubled But Headwinds Unlikely To Persist
March 17 (King World News) – Ole Hansen, Head of Commodity Strategy at Saxo Bank: Gold’s failure to rally over the past few weeks, as the Covid-19 spread and economic uncertainty rose, has brought back memories of the 2008 Great Financial Crisis. During the early part of the 2008-09 crisis all assets were sold as a result of the need to deleverage in order to realise cash or pay for losses elsewhere. In the early weeks of the crisis gold suffered a 27% sell-off to $725/oz before beginning the ascent which eventually took it to $1920/oz…