No need to panic over slip in gold prices: Lassonde
Pierre Lassonde, one of the most accomplished and informed veterans of the global mining industry, tells investors not to panic about the recent fall in gold prices as the "macro picture is still very bullish."
Lassonde, former President of Newmont Mining (NYSE:NEM) as well as former Chairman of the World Gold Council, told King World News that the decade-long bull market for gold remains exceptionally strong, and that minor price movements, such as the recent $40 retreat towards $1,700, remain negligible in the grand scheme of things.
The former Newmont head says the price dip is simply in the nature of "cyclical monthly moves which happen every year," and puts matters into perspective:
If we were talking about a 20% correction, that’s significant. But 1% or 2%, I don’t even think about it. You have to superimpose the monthly ebbs and flows of gold. Usually gold goes up in September, it comes down in October, then it goes back up by the end of November and into Christmas.
Lassonde also feels October easing could have something to do with the Indian wedding season and Chinese trading, but that at the end of the day "the macro picture is still very bullish," as we're still in the midst of a two decade bull cycle.