Dear Friend of GATA and Gold:
Our friend Lawrence Lepard, managing partner of Equity Management Associates in Wellesley, Massachusetts, whose investments have been concentrated in the monetary metals mining industry, has just sent a letter to his investors outlining the case for an upward reversal in the industry's fortunes.
Lepard's letter may be most interesting for showing that the monetary metals are now priced far below traditional valuations and for arguing that any reversion to the mean would be explosive.
Perhaps most telling is the letter's chart showing the sharp break in 2011 in the historic correlation between the gold price and the U.S. national debt -- a break that powerfully implies urgent official intervention against a rising gold price.
Lepard has kindly allowed GATA to share the letter with you and so it is posted in PDF format here:
http://www.gata.org/files/EMA-GARP-Fund-Letter-10-2018.pdf
CHRIS POWELL, Secretary/TreasurerGold Anti-Trust Action Committee Inc.CPowell@GATA.org* * *
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