From Newsweek:In stormy times, investors look for something solid to hang onto—something like gold. The World Bank president himself, Robert Zoellick, suggested in November that the world’s economies could use the old reliable metal to help stabilize their currencies. For these and many other reasons, professional gold-fund manager Shayne McGuire argues that gold has nowhere to go but up. The following essay is adapted from McGuire’s latest book, Hard Money: Taking Gold to a Higher Investment Level.
Gold used to be regarded as an investment for losers—for the crazies forever expecting the financial apocalypse. To the great economist John Maynard Keynes, it was a “barbarous relic” of a primeval economic past. Many people have abandoned that lousy stereotype, now that the debt-driven bubbles in stocks and real estate have burst. Following the collapse of the world’s largest bank, the Royal Bank of Scotland, and the largest insurer, the American Insurance Group, among many other notable institutions now owned and directed by Western governments, people have come to understand the need for time-proven financial insurance that can insulate their wealth from government and financial firms. And there’s only one viable and liquid investment that enables a person to pull his or her wealth out of the financial system: gold....read on
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