asset class. I actually think that the institutions that I have talked to have a very sober view of it. They're, of course, from my point of view, underweighted, but they regard it as an insurance class or some of them as non-correlated and volatile liquidity. How much do you think, well, I guess also, I also wonder what sort of institutional infrastructure and policy do these firms have in place? Are they already kind of there in a position they will handle this kind of inflow? And two, in the kind of mid-2000s when gold was beginning to hit its stride and when I say mid-2000s, I mean like 2004 or so during the last bull run, one of the arguments that you heard was the beginning of these ETFs like GLD and some of these other gold ETFs. And I think those were, I think 2004 was GLD and I think the iShares, iAU Gold Trust was 2005. But how important of a role does that play this time around since, for the most part, there hasn't been a huge, at least not proportional to ownership (36/45)
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