Former Bank of England head Mervyn King joins Alan Greenspan in advocating gold ownership
By GCRU Gold News on Wednesday, June 8 2016, 00:32 - Permalink
It is quite clear that the former Fed chairman and the former governor of the Bank of England are in agreement that the global economy is tacking against some heavy headwinds. The demographic shift Greenspan cites and King’s admission of policy-makers failure in dealing with it point to continuing long-term demand for gold and silver not just among private investors, but among funds, institutions and central banks as well.
“And I am very struck by the fact that over many many years, central banks, governments and individuals have always, despite the protestations of economists, held some gold in their portfolio. Obviously, there is no high running return, but when unexpected things happen, particularly when governments rise and fall, then gold is a means of payment that everyone is always prepared to accept. And I think that’s why even central banks have always had a role in their portfolios for gold,”