“To me gold is a psychological commodity. It’s not really an industrial commodity. There’s plenty of gold producible, especially at these prices. So it’s really a momentum trade on a global scale rather than anything that has intrinsic value. Part of the reason that you’ve seen the kind of increases in the price of gold is the fact that if you really step back from the world, almost universally and in tandem, the paper currencies of the world have been devalued”
Wilbur Ross, CEO, WL Ross & Co. on CNBC
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