Jim Grant: Go Into the “Scary Places” to Make Money – Buy Gold

During the Mauldin Strategic Investment Conference, Jim Grant said if you want to make money, you have to be willing to go into “scary places.” In an interview after his speech, he clarified what he meant saying you have to have the guts to go against the flow and do things the mainstream will ridicule you for.

Buying gold definitely fits that definition, at least here in the West.

Grant said he just doesn’t understand the mainstream’s disdain for gold:

Gold I think is seen as the vestigial organ of money. People who hold that view necessarily hold the view that the stewards of our paper and digital currencies have the answers. That this monetary improve conducted for the past seven or eight years by the Western central bankers certainly and those in Japan – that this is the way forward. And I try to understand what they’re saying, but I can’t make head or tail out of it. Seems to me the opposite is so obviously true.”

Most people describe gold as a “hedge” against economic problems, but Grant said it is really an investment in monetary disorder. With crazy central bank policies around the world showing no sign of ending, Grant is bullish on gold.

Highlights from the interview:

“This is not going to come as any surprise. Jim Grant is bullish on gold. The degree I would characterize is very.”

“I would characterize gold not so much as a hedge against monetary disorder, but as an investment in it. People say, ‘Oh, it’s a hedge against Armageddon.’ No. Armageddon doesn’t happen, mostly. But what we are in the midst of is monetary shenanigans. And I see no real chance of their being fewer of them, and a great chance there will be more of them. So, I am very bullish on this ancient competition for paper money.”

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“I think the institution both of government issued money and of credit are in a tough way. So, I think gold is going to be the heir of those difficulties.”

“Western central banks, to the extent that they are run by people who follow the educational path of Janet Yellen, Ben Bernanke, and Mervyn King, and MIT people, I think they have one view that gold is a curiosity – it’s like a monetary tonsil…Gold, however, has its fans in the East. It is moving from West to East.”

“What unpopularity, and apprehension, and discomfort mean in an investment setting it means that something is out of favor. It means that people are not only not enamored of it, but they’re also contemptuous of it. And to be bullish on it is to invite the ridicule of people whose opinion you wouldn’t mind having. I think gold answers those criteria.”

“Gold I think is seen as the vestigial organ of money. People who hold that view necessarily hold the view that the stewards of our paper and digital currencies have the answers. That this monetary improve conducted for the past seven or eight years by the Western central bankers certainly and those in Japan – that this is the way forward. And I try to understand what they’re saying, but I can’t make head or tail out of it. Seems to me the opposite is so obviously true.”

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