Another Billionaire Warns of Catastrophic Depths Not Seen in 5,000 Years – And Emphasizes Gold
- Another Billionaire Warns of Catastrophic Depths Not Seen in 5,000 Years – And Emphasizes Gold
by In past issues, we’ve documented increasingly concerned billionaires warning of dangerous economic times. Many have favored gold as an alternative allocation in a world where $13 trillion-worth of debt is negative yielding, interest rates are artificially suppressed and we’re on the brink of major wars.
The newest addition to this gold-loving billionaire’s club, is none other than hedge-fund manager Paul Singer. At CNBC’s Delivering Alpha Investors Conference this week, the founder of the $27-billion Elliott Management Fund, the 17th largest hedge fund in the world, mentioned that at current prices gold is “undervalued” and “underrepresented in many portfolios as the only … store of value that has stood the test of time.”
Singer, along with numerous other hedge-fund managers, has been increasingly outspoken in his criticism of the Federal Reserve and other central banks for creating dangers in the market unlike any in what he terms the “5,000 year-ish” history of finance. Singer noted that “it’s a very dangerous time in the global economy and global financial markets.”
This quote is frighteningly similar to the response given by Donald Trump on Fox Business not long ago when he was asked if he had money in the market. He answered, “I did, but I got out,” and then went on to say that he expected “very scary scenarios” for investors.
Singer also stated that he thinks owning medium- to long-term first world debt is a “really bad idea”… and then proceeded to tell listeners to sell their 30-year bonds.
No comments yet.