Rick Rule: This Gold Sell-off is a Normal Event in this Market – Its Right to be Long
By Staff Writer | Saturday 19 July 2014
On July 13, gold was still around $1,340 per ounce. Since last Monday, gold has suffered a big drop, falling as low as $1,293 in a few days. Many blame the decline on hawkish comments from the Fed’s Janet Yellen, who recently suggested the Fed could raise interest rates. “Higher interest rates would encourage investors to switch to assets that, unlike gold, pay interest,” said news service Reuters. But Rick Rule, of the world’s biggest gold investor Sprott thinks it is right to be long.