Now, however, the moment has come.
Fresh from his victorious campaign against Argentina, Paul Singer has a new message. Buy gold. Buy it now. And buy lots of it. Because, as he’s been saying for years, the people running the global economy? Yea, they don’t know what the hell they’re doing.
“It makes a great deal of sense to own gold. Other investors may be finally starting to agree,” Singer wrote in an April 28 letter to clients. “Investors have increasingly started processing the fact that the world’s central bankers are completely focused on debasing their currencies….”
If investors’ confidence in central bankers’ “judgment continues to weaken, the effect on gold could be very powerful,” Singer wrote in the letter. “We believe the March quarter’s price action could represent something closer to the beginning of such a move than to the end.”
Persuasive, you say. Good point, Mr. Singer. But before I fill the garage with bullion, I need to know: What does Goldman Sachs say? After all, they have a hotline to God and the word “gold” right there in their name. Alas, prospective goldbug, The Elect aren’t going to make this easier on you.
While the New York-based bank revised its bullion forecasts higher in a May 10 note, its commodity team including Jeffrey Currie still expects weaker gold prices over the next 12 months.