by James Rickards, Daily Reckoning:
The gold debate is usually conducted between global monetary elites who disparage gold and so-called “gold bugs” who stack coins in their basements awaiting the end of the world. Both sides go too far.
But what happens when a bona fide member of the elite endorses gold? That’s an earthquake, and it just happened!
Kenneth Rogoff, Harvard professor, chess grandmaster and author of the widely acclaimed book This Time Is Different, just sent shock waves through the global elite by recommending that emerging-market central banks buy gold to diversify their portfolios away from dollar holdings.
And JP Morgan’s Private Bank is also recommending its clients “position for a new and very long bull market for gold.”This bank is only open to wealthy clients with at least $5 million of investable assets. Later this year, the bank will require at least $10 million of investable assets. This is not for everyday Americans.
The super rich and the elites are now selling stocks and buying gold. And for good reason. Gold has fundamental support from Chinese and Russian efforts to get away from the dollar system. It also has technical support from scarcity on the physical supply side. Gold is flying off the shelves.
When elites say dump dollars and buy gold, what are you waiting for?
The good news is that there’s still time to diversify your portfolio into gold if you haven’t already. Now is the time to complete your gold allocation (I recommend 10% of investible assets) before it’s too late.
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