Saturday, 16 April 2011

Pierre Lassonde - Texas University Buys $1 Billion of Gold Bars

With gold closing at new all-time highs and silver closing at new multi-decade highs, today King World News received word from legendary Pierre Lassonde, former CEO of Newmont Mining, that Texas University now holds $1 billion worth of gold bars.  Lassonde stated, “This is another turning point in the gold market.  It’s the first large institutional holding of gold and they are quite public about it.”

Pierre Lassonde continues:

“We would expect many others to follow as they are basically lemmings directed by the many consultants who 10 years ago told them not to bother with gold at $250 an ounce, but can’t wait to get them in at $1,400 an ounce!  God bless, this gold market is going higher.”

Because Pierre is connected at the highest levels he has always been without question the best Chairman and CEO at predicting directional movements in the gold price.  I take very seriously that Pierre is saying this will bring serious fund flows into the gold sector.  My guess is many of these institutions will not only want physical gold, but will eventually make their way into the equities as well.

Pierre Lassonde is one of the living legends in the mining world. Pierre is current Chairman of Franco-Nevada and Co-Founded Franco-Nevada Mining Corporation with Seymour Schulich in 1982 and over a 20 year period, provided shareholders with a staggering 36% annualized rate of return. 

He was able to build up and successfully merge Franco Nevada into Newmont Mining in what was essentially a depression in the mining sector. It was the worst of times, but somehow in the midst of those horrific industry conditions Pierre and everyone associated with him thrived and quite frankly made fortunes.  Pierre then became President of Newmont Mining Corporation from 2002 to 2006.  Pierre is also past Chairman of the World Gold Council.

Eric King - King World News