The Globe and Mail
Gold’s 12-year bull run is not over, according to Vancouver mining mogul and philanthropist Frank Giustra, despite the severe price correction the precious metal suffered this week.
Mr. Giustra, who has amassed a fortune through a series of junior mining deals, including the creation of the company that is now Goldcorp Inc., said he is now considering switching his gold investments from exchange-traded funds to major gold-mining companies and is willing to endure humiliation — in the middle of downtown Vancouver — should his call on the commodity be proven incorrect.
“If I am wrong, if this gold bull market is over, I will stand in the centre of Robson Square and I will sing Patsy Cline’s So Wrong wearing ladies’ underwear,” Mr. Giustra said in an interview this week.
Gold has fallen about 14 per cent this month and plunged 9.3 per cent on April 15, the largest one-day drop since March, 1980, according to data from Bloomberg News.