Bill Gross is the founder and Chief Investment Officer of Pacific Investment Management Company. They have over $1.2 trillion in assets under management. That is huge. And when Bill Gross talks, people listen (I REALLY listen!). That's why when the announcement came out on CNBC on March 9th that PIMCO (the largest bond fund in the world had now dumped ALL their US Treasury bond holdings, to me, this is a financial earthquake. He also wrote about it here when he asks the question: Who will buy Treasuries when the Fed doesn't? Beware of the charts. They are frightening. Bill Gross is no dummy - He has been recognized as number ten in Fortune magazine's listing of The 25 Most Powerful People in Business. It is interesting to note that late last year PIMCO added a commodity strategy fund that I understand invests in physical gold.
Why would a smart man like Bill Gross dump US Treasury bonds and start a commodity strategy fund? Wealth preservation for his clients is my take on it. Maybe it's time you checked your own inventory of physical gold (gold coins) or numismatic silver. If you think it is low to withstand this latest American financial earthquake, call us at Lear Capital to discuss today's gold news !