“I think [gold] is set off quite well [in the new year]. We’ve had a lot of negativity on the price of gold. People were expecting it to drop a lot more than it actually did decline last year. This year is beginning with a lot of negativity as well, although the price action so far early in the year looks quite encouraging. But I do believe that what was driving gold lower for the last several years – and I think it’s been down 3 years in a row – was the false belief that what the Fed had engineered was a legitimate economic recovery in the United States and that higher interest rates would be supportive of the dollar and detrimental to the price of gold.”