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Barrick's Munk urges Financial Times to check out gold
And while the FT's at it, they might review the Barrick/Blanchard lawsuit.
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Gold Is Selling at All-Time Highs
A Letter to the Editor
Financial Times, London
Saturday, January 3, 2008
With reference to Lex and "Markets All Fall Down" (Dec. 27, http://www.ft.com/cms/s/ebf5d442-d36d-11dd-989e-000077b07658,Authorised=...):
Well, not quite all! Your column talks about stocks, bonds, real estate -- even art -- but never mentions gold. Yet, until very recently, gold was not only considered the global currency, but its price was a measure of the strength of a country's economic health, currency, and fiscal responsibility.
Your omission of gold is even more surprising considering that gold -- in contrast to all other investments -- not only has not fallen but is selling at all-time highs in the currencies of those countries in which its largest buyers are domiciled. It sells at nearly all-time highs in Indian rupees, Russian roubles, Japanese yen, Turkish lire, and British pounds -- maybe even the euro. When considering the current global conditions and the desperate need for liquidity by all forced to de-lever, and gold being the sole asset that can be turned into cash at a profit, its performance is nothing but astounding!
Lex's failure to mention gold at all is somewhat hard to understand. Your newspaper -- one of the leading voices of global finance -- should focus on and try to explain gold's re-emerging role as a true store of value, especially at times like these.
Peter Munk, Chairman,
Barrick Gold Corp.
Toronto, Ontario, Canada
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