One of the banking cartel's most outspoken economists is suddenly singing the value of owning gold. And in an interview over the weekend, the chief economist for Citi said that in today's negative rate environment, owning gold as part of a currency portfolio is a must.
Citi economist Willem Buiter was one of the first to call for a banning of cash last year as central banks stood on the precipice of lowering interest rates into negative territory in the hopes of stimulating consumer spending. But as the outcry against eliminating physical currency created the backlash that helped drive gold prices up since the beginning of the year, Buiter is now backtracking and seeing gold ownership as an important hedge to central bank policies.
In the books of most gold lovers, Citigroup’s chief economist Willem Buiter is noted down as the man who thinks gold is a “6,000 year bubble.”
However, in a recent interview with Epoch Times [Skip to 38:00 in the video], he presented a much more nuanced position and said he would even own gold as part of a diversified portfolio of currencies.
“It competes with other fiat currencies, the dollar, the yen, the euro. And if these currencies now yield negative interest rates or are at risk of negative yields in the U.K. and the United States, then the currency that at least has a zero interest rate, looks better.”
“Gold, in times of uncertainty and especially in days of uncertainty laced with negative rates, looks pretty good. “ – The EpochTimes