The market thought the falling price of gold was an avalanche,but that's not necessarily the case,said Goldman Sachs CEO Lloyd Blankfein.As confidence in the currencies and the economy grows,it's not advantageous to invest in gold,so we had a sell-off.
One of the things we'e looking for is the infrastructure and commitment to deliver those services and elements of our 10,000 Small Businesses program.In New Orleans,we have a great community college partner in Delgado.It's a mini-MBA,with mentors and access to small capital at the end.
For example,we have a small tool business and a caterer.They don't have the tools for analysing their business and haven't been to accounting schools.They dedicate their weekends to the program,learning analysis,negotiation and business planning.Most of these people end up hiring new workers because of the program.
It's market sentiment in a lot of cases.We've chewed through a lot of problems.I'm in the risk management business,but we're muddling through,and I think we're in a good part of the cycle.The trauma was big.
It's a confidence thing.The penalty for making a mistake is very great at this point.People aren't gonna take risks.We will get there,but I think sentiment and people's feelings really matter.
I'm not sure we're in the right place with regulation.We shouldn't be burdening some of these small banks.In industries like our own,growth is the correlant for our success-and it's global growth.
The US is still the best place to invest.If you want to invest in the most valuable thing-your career-the US is the best place to do that.
The second half playbook is industrials.They do well in this environment.When you listen to such as Boeing's Jim McNerney,you feel confident.This is their time,Goldman CEO Lloyd Blankfein observed.
Newsletter publisher Dennis Gartman of "The Gartman Letter" has just turned bullish on gold,citing the overwhelmingly negative sentiment against it as a signal to buy the precious metal..
Goldman Sachs(GS),Boeing(BA)
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