Gold Is The Mother Of All Bubbles, Which Is Why You Should Buy It…”I Don’t Want To Sound Apocalyptic, But How Else Does This End?~ ”Billionaire Frank Giustra"
Frik Els, Mining.com|Oct. 18, 2012,
Canaccord’s Global Resource Conference happening in Miami at the moment featured a lengthy lunchtime chat with billionaire investor Frank Giustra where he said “he doesn’t want to sound apocalyptic,” but probably ended up scaring the bejezus out of the audience anyway.
In 2002 Giustra wrote a book called A Tarnished Dollar Will Put the Shine on Gold.
That was back when gold was trading below $300 and quantitative easing wasn’t even a glint in Ben Bernanke’s eye.
A decade later he’s sticking to his guns:
“I don’t know when and I don’t know how high. But gold is going a lot higher.
“Gold is the bubble of all bubbles. It’s the mother of all bubbles. It’s the bubble people will go to when they’ve exhausted all other bubbles.
“Here’s why: It is moveable. It is easily transferable across borders in times of crisis. It’s a currency. It’s liquid. It’s easily tradeable.
“I’m a fan of all hard assets, but particularly gold. It’s the largest part of my portfolio and it will continue to be until this cycle is over.”
The reason for Giustra’s confidence about the gold price – and gloom about the financial system – is all about US monetary policy.
While it started with the so-called Greenspan-put in the Nineties, Giustra said the Fed “crossed the Rubicon” when it first embarked on quantitative easing (in December 2008, when gold was worth $830 an ounce).
The Fed has already racked up close to $3 trillion and purchases of $40 billion a month for “at least the next 27 months” by the Fed’s own calculations under open-ended QE3 will add another $1 trillion.
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