Eight years after repudiating Embry, Royal Bank loves gold
Dear Friend of GATA and Gold:
Back in 2002 the top mutual fund manager in Canada and perhaps the world was Royal Bank's John Embry, but the 150 percent return of his gold fund that year didn't stop the bank from repudiating him publicly and then welcoming his departure after he issued a report concurring with GATA's complaints of gold price manipulation.
For a wonderful blast from the past, check out this commentary by Mathew Ingram in the June 24, 2002, edition of the Toronto Globe and Mail, which conceded that Embry himself was not a crank but intimated that he had begun consorting with cranks:
Eight years later Royal Bank's attitude toward gold has changed quite a bit, if belatedly. This week the bank's RBC Capital Markets division published a report written by its analysts Ray Hanson, Javed Mirza, and Robert Sluymer that fully shares Embry's and GATA's enthusiasm for gold's prospects and our disdain for government economic policies.
Hanson, Mirza, and Sluymer write: "Gold is destined to become the greatest 'bubble' of all time" and "the parabolic curve of its price track is still in its infancy." The RBC Capital Markets analysts recommend buying the shares of gold mining companies at all levels of capitalization.
Will their enthusiasm for gold and gold stocks earn them repudiation from their employer and maybe the boot as well? Or has even Royal Bank now figured out what's going on with the precious metals?
While we await Royal Bank's indignant response you can read the Hanson-Mirza-Sluymer report, titled "Large-Cap Golds: The New BCE/Nortel?," at GATA's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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