In mid-April we saw gold plummet to just below $1400 an ounce, its lowest price since March 2011. The precipitous drop in April put the yellow metal technically in bear market territory, with people trying to figure out where it’s headed next.
Fast-forward to last Friday when gold closed above $1470.
Marcus Grubb, managing director of investment at the World Gold Council, told The Daily Ticker at the Milken Institute’s 2013 Global Conference it's headed in one direction: up.
“We feel the bull market is very much intact even if there’s a lot of uncertainty at the moment for investors,” Grubb says. “There’s some switching into equities in the United States going on – this has affected gold to some degree - but we don’t believe you’re seeing this great rotation as it's called.”
(Keep in mind that the World Gold Council is the market development organization for theRead More »from “The Bull Market is Very Much Intact” for Gold: World Gold Council