Jim Grant: As Bullish as He’s Been on Gold (Video)
Jim Grant didn’t hesitate when asked. He sees the price of gold is going up.
Grant made the rounds Wednesday, appearing first on CNBC, saying he thinks the US is already in a recession, and we can expect even crazier monetary policy in the future. Then he did an interview with The Street and made an emphatic prediction about the price of gold:
I think gold is going to be coming into its own in reaction to the wrong-headed notions of our central bankers.”
Highlights from the interview:
“Well let me tell you what I think about gold – I’m as bullish as I’ve been.”
“Gold is the heir to the errors of our central banks.”
“The chatter now among the monetary avant-garde is negative interest rates, and 29% of the world’s sovereign debt market is at less than zero. So it’s not an idea; it’s a fact. Another idea on the make is the abolition of large denomination bills and the regulation of cash in the interest of suppressing terrorism or something.”
“So what do you do if you have wealth and you hear the central bankers talking about negative interest rates – a tax on your money. And what do you do if you have been holding cash for your own reasons – you’re not a terrorist – and they say, ‘Well, we’re going to take that away from you.’ Wouldn’t you turn to – would it not occur to you perhaps – the world’s legacy monetary asset which they can’t fabricate on a computer keyboard?”
“I think gold is going to be coming into its own in reaction to the wrong-headed notions of our central bankers.”
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