Einhorn Remains Bullish on Gold
Posted: January 23rd, 2017, 1:26 pm
David Einhorn, manager of hedge fund Greenlight Capital, discusses gold in two paragraphs of his 2016 letter to investors, dated Jan. 17:
"Lastly, we continue to own gold. Our sense is that Mr. Trump doesn’t hold any core policy beliefs and is apt to change his mind as he sees fit. This will lead to more political and economic uncertainty and less stability. There has been a knee-jerk decline in gold since the election, as investors presume that higher short-term rates are good for the dollar and bad for gold.
"Ultimately, we believe the case for gold is broader: greater economic, geopolitical and policy uncertainties, much wider budget deficits, and the possibility of an inflation problem all support gold (to say nothing of what might be required to redecorate the White House to Mr. Trump’s tastes)."
http://www.valuewalk.com/wp-content/upl ... 016-04.pdf
"Lastly, we continue to own gold. Our sense is that Mr. Trump doesn’t hold any core policy beliefs and is apt to change his mind as he sees fit. This will lead to more political and economic uncertainty and less stability. There has been a knee-jerk decline in gold since the election, as investors presume that higher short-term rates are good for the dollar and bad for gold.
"Ultimately, we believe the case for gold is broader: greater economic, geopolitical and policy uncertainties, much wider budget deficits, and the possibility of an inflation problem all support gold (to say nothing of what might be required to redecorate the White House to Mr. Trump’s tastes)."
http://www.valuewalk.com/wp-content/upl ... 016-04.pdf