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Lawrence Lepard: Fed, Treasury are now 'sort of' on gold's side
12:27p Wednesday, July 15, 2020
Dear Friend of GATA and Gold:
Equity Management Associates Managing Partner Lawrence Lepard's second-quarter report for the firm's gold fund, published this week, brilliantly itemizes the circumstances working in favor of the monetary metal and the companies that mine it.
But the report may be most interesting for its speculation that the U.S. government's Federal Reserve and Treasury Department are attempting a controlled retreat with gold and now are "sort of" on the side of gold investors.
... Dispatch continues below ...
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Lepard writes: "It all comes down to faith in the stewards of the currency -- the Federal Reserve and by extension the U.S. Treasury. If faith in them increases, gold will fall in price. If faith in them diminishes, gold will accelerate in price.
"Because they are in a sovereign debt crisis/trap, I believe the Fed knows that the only way out is to inflate. The alternative is a deflationary collapse that they would view as infinitely worse.
"I believe that they will attempt to have a managed retreat. That is, they know they need inflation and a higher gold price. They just don't want it to happen too quickly or in a disorderly fashion, because if that occurs, Gresham's Law will kick in and the dollar will fail.
"So as investors in gold and gold mining equities, I believe we now have the government on our side -- sort of. We have to be prepared for them to take actions to attack gold if its price begins to accelerate too dramatically."
With Lepard's kind permission, his report is posted at GATA's internet site here:
http://gata.org/files/EMA-GARP-Fund-Q2-2020-Report.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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