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Home>GoldWire>Equity Management Associates: Reversion to mean would send monetary metals soaring

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Equity Management Associates: Reversion to mean would send monetary metals soaring

Chris Powell

GATA

Published : October 20th, 2018

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	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

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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.

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