Back at the start of April we posted a video of a presentation by Grant Williams of Vulpes Investment Management entitled Risk – it’s not just a board game.
We’ve just watched his latest presentation made to the CFA institute in Singapore, which while 48 minutes long is still well worth a watch as he has an ability to make some bold points with rather dry humour. If you’re in a hurry you could just watch the gold bit which kicks off at 33:40 mins.
Just some of the topics he covers include:
- If the global economy is stalling, Europe is in recession, China is slowing and growth is seemingly impossible to generate, why are share markets at all time highs?
- The disparity between chinese headline growth and chinese economic activity
- Why France is Europes “big problem”
- Why the gold bull market is a long long way from being over.
- Why gold is a mirror of the perceived value of its alternatives
- How gold has been under serious and “mathematically inexplicable pressure”
- The difference between the “Gold Price” and “The Price of Gold” (a great point he also made in a recent issue of his “Things that make you go Hmm” letter).
- Just how big the 400 ton sale, that set off last months gold price plunge, was in comparison to the gold market.
- Just how likely (or rather unlikely) to occur a fall the size of last months was, mathematically speaking.
- Just how massive the buying demand was last month after the gold price fall in various cities across the globe.
- The significance of China’s gold imports through Hong Kong
- Central bank gold buying in 2012 and projections for 2013
- Just how large future demand for gold may be from Eastern central banks should they choose to raise their gold reserves to something closer to western central banks.