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Gold Sell-Off: There Is Only One Question That Matters

by Jeffrey Tucker, Laissez Faire Books:

Last Friday, I participated in a short debate on BBC Radio 4′s Today program on the future direction of gold. Tom Kendall, global head of precious metals research at Credit Suisse, argued that gold was in trouble. I argued that it wasn’t. So yours truly is on record on national radio the morning of gold’s two worst trading days in 30 years arguing that it was still a good investment.

Is it? I still think what I said on radio is correct. Even after two days of brutal bloodletting in the gold market and two days of soul-searching for the explanations, I believe the only questions that ultimately matter for the direction of gold are these:

Has the direction of global monetary policy changed fundamentally, or is it about to change fundamentally? Is the period of “quantitative easing” and super-low interest rates about to come to an end?

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