Considering currency volatility, what is cheap to invest in now?
“Gold we very much like in the long run. We have a target of $3,800 an ounce, but it may not go anywhere for awhile. From 1982 to 2000 in stocks, the Dow went up about 1,400%. For gold to match that in the new cycle it started in 1999, the price has to go to about $3,800. It is gold that is cheap, not stocks. Central banks have done a remarkable job reducing currency volatility. That is about to come undone a bit, and gold will become more popular. It is a flight-to-safety asset."