http://kingworldnews.com/kingworldn...erre_Lassonde_Weighs_In_On_Gold_Takedown.htmlLasonde: “Well I think for the average investor it’s probably a very scary time. Any correction of that magnitude, it shakes your belief. As you know, Eric, for the past year I have been saying that gold will continue in a sideways market with a 10% to 20% possibility of a much bigger correction.
Obviously what we have experienced is the much bigger correction. What we have seen is roughly a 30% correction, or about $600 off the highs. Now, back in the 1970s we had a 50% correction when we had that mid-cycle correction.
This time around I don’t see a 50% correction. I think what we are seeing right now is exhaustion....
“My feeling is that we are going to see a sharp recovery. I suspect that because gold has broken down so fast and so sharp that we are going to get a V-shaped bounce rather than a U-shaped bounce.
So the opportunities that you are seeing now, the gifts that are in the market, I don’t think you are going to see them for very long. This will be very much like what happened in 2008. In 2008 we saw one of my companies, New Gold, go down to $2 a share. Well, it didn’t stay there for more than a week. But those opportunities do come in the market and they are being served up to investors right now on a golden platter.”
We have seen this type of market volatility in the past. Yes there are very scary moments, and yes for the average investor they can be gut-wrenching, but as I said earlier, for people who have put some cash aside you are looking at opportunities being served to you on a golden platter.”