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Stashing Gold? Here’s Why That Could Soon be Illegal, According to one Notable Hedge-fund Bear | The Mesh Report

Stashing Gold? Here’s Why That Could Soon be Illegal, According to one Notable Hedge-fund Bear

Mike Hammer May 21, 2020 Comments Off on Stashing Gold? Here’s Why That Could Soon be Illegal, According to one Notable Hedge-fund Bear

That’s Crispin Odey, a European hedge-fund manager known for stealing headlines with his doomsday predictions, explaining in a note posted on Bloomberg News on Wednesday why he believes that private gold ownership could be banned if the government loses control of inflation.

Odey said that when the economy recovers from the coronavirus pandemic, which he has likened to the Great Depression, central banks won’t be able to contain inflation.

“History is filled with examples where rulers have, in moments of crisis, resorted to debasing the coinage,” said Odey, who has raised his gold position in his flagship Odey European fund all the way up to 39.9% as of the beginning of the month from 15.9% at the end of March.

The fund cashed in on the initial market crash with a 21% surge in March, according to the letter. It dropped 9.5% in April as investors warmed back up to a risk-on approach.

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