After a back injury forced him to re-evaluate his Olympic dreams, Ben Davies found a new thrill in the competition of trading. Now managing a long-only gold fund, he strives to protect investors’ wealth while advocating for free market reforms around the globe.
A huge amount of air time has been given to how to fix the financial crisis. Within this we’ve heard lots of hot air, sound bites but few real answers. There is one man who you should really listen to though.
The recent slide in the gold price has generated substantial demand for bullion that will likely bring forward a financial and systemic disaster for both central and bullion banks that has been brewing for a long time.
The final session of this week opened in New York this morning with an equal lack of directional conviction in precious metals. Gold fell $3 to the $1,620 mark while silver was off by six pennies at $28.58 the ounce.
It is often stated that copper is the metal with a Ph.D. in economics, and the data for the most part bears this out. The breakdown in the price structure of the Bullish Consensus for copper strongly suggests lower prices for copper, which in all likelihood implies a recession.