“Gold is like all the other markets, it’s a junky, it wants its money fix. It’s not getting its money fix, it’s having a convulsion right now.”
That is the way the yellow metal’s sell-off yesterday was described by James Bianco in a recent interview with TrimTabs’ Charles Biderman.
Bianco, the head of Bianco Research, LLC and a long-time market pundit, nonetheless reiterated his bullish stance on gold. He also discussed his outlook for monetary policy and the broader financial markets in light of the Federal Reserve’s decision this week to not implement QE3.
“The era of having gold strung out on money is not over with yet,” Bianco contended. ”So I suspect that gold will continue to be a buy from here.”
“What would make me think that gold was a sell is if somehow I believe that central banks were done, they’re not going to intervene anymore,” he continued. ”There is not going to be anymore accommodation…then I would not be bullish on gold. But since I don’t think they’re (central banks) done, I do think there are more programs to come – I don’t think they’re advisable programs – I think gold will continue to rally.”
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