Pimco Slashes Gold Exposure 70%
Are you sure you want to keep betting on gold?
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.