“The problem with gold is that it doesn’t trade based on the fundamentals of supply and demand these days… Gold acts more like a currency than a commodity,”
Who said it: Joshua Harris of the private equity group Apollo
Context: Quoting Apollo’s Harris who was speaking on a panel that turned out to be quite bearish on gold at the recent Milken Institute annual conference. CNBC published a short news item about gold, asking whether or not it was still a commodity. Harris sees the problem gold now as bet against paper currencies and therefore not like a typical commodity.
Where we found it: CNBC