(Kitco News) - Widely known Fed critic and Wall Street pundit Jim Grant says that central bank policies are going to “end in tears,” and the best way for investors to protect themselves is through gold.
“I’m very bullish on gold and I’m very bullish on gold mining shares,” the publisher of the popular “Grant’s Interest Rate Observer” he said Tuesday. “That’s because I think that the world will lose faith in the PhD standard in monetary management.”
However, Grant added that the yellow metal may not be the “best” for everyone.
“Gold is money and money is sterile, as Aristotle would remind us. It does not pay dividends or earn income. So keep in mind that gold is not a conventional investment,” he explained. “But to me, gold is a very timely way to invest in monetary disorder.”
The yellow metal has been under pressure as the Federal Reserve wavers on when the next interest rate hike will be. As expectations rise, the price of the metal falls and has been since late last week. December Comex gold futures last traded at $1,342.80 an ounce, down 0.04% on the day.
Grant echoed this message to Kitco News back in February, when he said gold would likely move higher in response to the “wrong-headed notions and policies of our central bankers.”
This is the season for gold to have a hard time, however, it appears to be holding up fairly well at the moment.
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