Back in November 2014, Willem Buiter, who has so far been wrong in his recent gloomier forecasts about the fallout from the Eurozone mess, or his predictions about a global economy, decided to become a commodity expert and announced that "Gold Is A 6,000 Year Old Bubble." The irony is that while virtually every other asset class in the span of these 6,000 years has risen, risen more, in many cases indeed formed a bubble, burst, fallen, and ultimately turned to dust and forgotten, gold remains and furthermore has seen its value in recent years soar.
What is interesting is that almost two years later, Buiter may have realized just that, and in an interview with the Epoch Times' Valentin Schmid, the Citi strategist admits that he "would hold gold" due to the global tidal wave of negative interest rates:
“I will never argue with a six thousand-year-old bubble. So gold, in times of uncertainty and especially in days of uncertainty laced with negative rates looks pretty good."
Looks like we have another post-conversion Alan Greenspan on our hands. Here is his full interview, courtesy of the Epoch Times.
Citigroup’s Willem Buiter Says ‘Would Hold Gold’
Famous gold skeptic says gold wins against fiat currencies in negative rate environment
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