Boyd, Roosen, Quartermain: It takes grit, invention, luck to make the big time
Mining industry legends discuss the backstories on their multibillion-dollar successes.
The 400-tonne sell-off during the April gold collapse has “stimulated a flight to precious metals,” claimed Rick Rule in a recent interview with King World News.
“There is a war going on between the paper futures market for precious metals and the physical market.”
Rule says that the “war” has gold stuck in a trading range just below $1,400, but he doesn’t see this a bad thing, necessarily.
“I like to think that we are seeing a continuation of a trend of gold going from weak hands to strong.”
“When I say, ‘weak hands,’ I mean central banks from slow growth Western nations, going to central banks from more muscular, over-leveraged frontier and emerging markets banks. And also gold going from the leveraged-long, institutional momentum holders where it’s part of derivatives and carry trade, to unencumbered physical retail cash buyers.”
Follow this link to get to the full audio interview.
