Today 25 year veteran Gabelli Gold Fund manager, Caesar Bryan, told King World News the Southern periphery countries of Europe will experience a turbulent period that will be worse than the Great Depression. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar also said physical buying in London helped turn the gold market around. Here is what Bryan had to say about the situation: “Well, I think the gold market was looking fine from yesterday. Then we had reasonable payroll numbers here in the US and that took the gold price down. But then we had a sudden reversal which is quite interesting. My understanding is the PM fix in London saw some physical buying and was fixed a few dollars higher than gold was trading on a spot basis.”
Caesar Bryan continues:
“Then there was some good follow through (to the upside). On a longer-run basis, we are sitting on the moving averages and gold is fine. We are in a bull market. We’ve suffered a number of nasty corrections since 2001. I believe we have had about seven corrections of over 20%. One of 30%, at the time of the Lehman crisis.
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