Bloomberg News resentfully notices that gold is starting to win

Section:

Gold Bugs Finally See Their Predictions of Doom Coming True

By Eddie van der Walt, Ranjeetha Pakiam, and Jan-Patrick Barnert
Bloomberg News
Friday, April 3, 2020

For years gold bugs were relegated to the fringes of financial markets. Often viewed by mainstream investors as tinfoil-hat conspiracists with basements full of beans and bottled water, their warnings sounded apocalyptic: a coming collapse in financial assets, widespread devaluation of paper money, and global disasters that erode civil liberties.

Welcome to 2020.

As the coronavirus brings economies around the world to a standstill, gold is rivaling Treasuries and the dollar as the best-performing major asset this year. The metal proved its haven status with a 6% rally as almost $16 trillion was wiped off global stock markets and oil plunged.

... Dispatch continues below ...


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There's also been a scramble for physical metal as investors in exchange-traded funds build the biggest stockpile in history and dealers say they're struggling to find gold to sell.

"We've been trying to warn people that something like this would happen," said Jim Rickards, the author of several books that predicted a coming financial reset. Rickards, who spoke from a New England mountain compound, has long recommended holding gold as a precaution for wealth preservation.

"I've been saying it for years," he said. "I'm not happy about being right."

There are echoes of many of the typical gold bug predictions in today's crisis. Besides the obvious economic and financial-market upheaval, social interaction has become taboo and in some places soldiers are telling people not to leave their homes.

Even the so-called paper market for gold is showing cracks and a squeeze last month on New York's Comex, the largest gold futures exchange, added fuel to another of the prophecies: that when the crisis came, there wouldn't be enough gold to go around. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-04-03/gold-bugs-finally-see...

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