Enter multiple symbols separated by commas

Pimco Slashes Gold Exposure 70%

Are you sure you want to keep betting on gold?

Diamond Sky Images | Photodisc | Getty Images

Mohamed El-Arian revealed on "Squawk Box"this morning that Pimco has slashed it's exposure to gold by 70%.

Pimco went from having about 10% of its portfolio in gold to just 3%.

What's behind the move? El-Arian re-iterated the currency debasement argument of gold bulls, saying that countries around the world are racing to depreciate.

Still, gold at $1,400 is far less attractive than gold at $1,000, El-Arian said.

Wall Street

  • Robert Shiller

    Nobel Prize-winning economist Robert Shiller says that his key valuation indicator is flashing warning signs.

  • Lael Brainard

    The Fed is in the early stages of an analysis on changes in bond market liquidity, amid signs that liquidity may be less resilient than in past.

  • Bill Gross

    Janus Capital acquired a majority interest in Kapstream Capital and said Kapstream's Palghat will support Bill Gross as co-portfolio manager of the Janus Global Unconstrained Bond strategy.