Jean-Marie Eveillard, who oversees more than $65 billion, spoke with King World about the recent turbulence in the gold market and what long-term investors should focus going forward in this environment. Below is what the legendary value investor had to say in this exclusive interview.
Eric King: “People are going through a tough time in the gold market. What do you say to them?”
Brook Asset Management was up 7.27% for the first quarter, compared to the MSCI GBT TR Net World Index, which returned 3.96%. For March, the fund was up 1.1%. Q1 2021 hedge fund letters, conferences and more In his March letter to investors, which was reviewed by ValueWalk, James Hanbury of Brook said returns during Read More
Jean-Marie Eveillard: “I say either you are a trader or you are an investor. If you are a trader they are very sensitive to short-term developments and the technical position of the asset. If you are an investor it’s different. If you look at the gold market, already in late 2008 it went down very sharply….
“It went down even after both (President) Obama and Mr. Bernanke had said, ‘We will do whatever it takes. (President) Obama said it first and then Mr. Bernanke repeated it, ‘We will do whatever it takes.’ To my mind this meant that they would be printing money, which of course is what they did. So why should the gold price go down? There was no good reason for the price of gold to go down. Nevertheless it went down.