Howard Marks would disagree.... but in a new investment note titled "Gold Sneaky Strong," Sterne Agee makes the bullish case for the metal that is often used as a currency substitute.
Contrary to consensus – and global events working against the price of gold – the yellow metal has nonetheless recently risen in the face of difficult headwinds. In spite of the Swiss Gold Referendum being defeated, crashing global oil prices, the dollar achieving five-year highs, and record U.S. equity performance – all events that would normally depress prices – gold has recovered strongly from recent lows and looks to break through a well defined...
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