"We think there's going to be much more euphoric speculation than has occurred so far"
"Gold has really been in a trading range for the past year and a half, but it's done this several times in its bull market of the last decade," AIS Group chief John Hummel tells CNBC in a Dec. 20 interview.
"There was a period back in 2006-07 where it went sideways for close to a year and a half. And then coming out of the 2008 bear market, it spent a number of months before it broke out to new highs. We really believe there was nothing about the peak back in September of 2011 that would suggest that it was a major final top. We think there's going to be much more euphoric speculation than has occurred so far. Frankly, looking at the market, we think there's a great deal of skepticism about it. ... We're long-term investors, and one of the things that we looked at was relative performance on a long-term basis. One of the keys that really led us to turn bullish on gold back at the end of 2001, early 2002 was the relative strength that gold was beginning to develop versus financial assets. And looking at that in the long term as we do, we continue to believe that it's still in its bull market. ... As long as real interest rates are as low as they are and as long as central banks are as aggressive as they are, that's typically a very bullish environment for gold."
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