Pimco Slashes Gold Exposure 70%

Are you sure you want to keep betting on gold?

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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.