Paul Tudor Jones turns bullish on gold

Babak at Trader's Narrative has posted a summary of Tudor Jones latest quarterly letter, where he explains that "gold is 20% undervalued over the next 24 months".

It's an interesting read, even though readers of my blog won't find much news here.

Gold is kind of overbought on the short run, as are the stock markets. The USD being deeply oversold, I would be surprised to see a reajustment with USD rising, stocks declining.

But... I wouldn't be surprised to the medium term (let's say a 6-18 month window), to strength in gold, irrelevant of what the USD is doing.