Gold, Jim Grant, Bernanke, Draghi & A Collapse In Confidence
from King World News
Today four-decade veteran John Hathaway spoke with King World News about what a prominent Fed watcher, and friend of his, warned him about: “Here’s a guy who’s been watching the Fed since 1970, maybe longer, and he said, ‘They are in danger of losing their credibility.’ When you think about it, the dollar, as Jim Grant has always put it, is a ‘faith-based currency.’ The credibility of the Fed is integral to that confidence the world has in the dollar, and the dollar’s value.”
The prolific manager of the Tocqueville Gold Fund also said, “So if that credibility, which I think is shot, once that veil of confidence is removed, you just don’t know what the market reactions could be.” Hathaway also discussed the recent action in gold: “It’s characteristic of bull markets that when they enter their most dynamic reversals or breakouts, nobody is on board. And it almost has to be that way because who is going to buy at the top?”
Continue Reading at KingWorldNews.com…
2012-08-27 10:41:56
Source: http://financialsurvivalnetwork.com/2012/08/gold-jim-grant-bernanke-draghi-a-collapse-in-confidence/
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