Bloomberg/Michael P. Reagan/9-25-2022

“One thing about gold is that it’s down this year, more or less 8%. It’s down a lot less than stocks or bonds. So it has proven to be a source of protecting wealth.”

USAGOLD note: Paulson’s latest views on gold are included in a more expansive interview at the link. We cited this interview in yesterday’s DMR and repost it here for those who may have missed it. He explains how the positive real rate of return has kept a lid on gold and outlines a technical scenario under which all that could change.