As I noted yesterday, Alan Greenspan says that gold is the ultimate safe haven:
Gold still holds reign over the financial system as the ultimate source of payment.
Indeed, as I've previously reported, gold is in high demand during periods uncertainty and distrust of government. And see this.
As Ambrose Evans-Pritchard points out today:
Mr Bernanke himself was grilled by Congress this week on the role of gold. Why do people by gold? "As protection against of what we call tail risks: really, really bad outcomes," he replied.
Indeed.
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