Wed, Oct 1, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Other Voices: Bullion - barbarous relic, bubble or boom

Tuesday, June 01, 2010

Article authored by Toby Birch, of Guernsey Gold Limited. Toby Birch is an international fund manager dealing in precious metals, mining stocks and natural resources, and the author of The Final Crash: Addictive Debt and the Deformation of the World Economy, published in April 2007, just months before global stocks plummeted. He is a Fellow of the Chartered Institute for Securities and Investment.

The topic of precious metals is a contentious one; provoking extreme and often entrenched reactions. The Depression-era economist John Maynard Keynes once described gold as a ‘barbarous relic’. This was in part due to its ancient role as a currency but also because its restraining effect on money supply when the economy was on its knees. With good stewardship there should be no place for using metals as money but the human desire to live beyond our means has been our undoing. Paper money has been the passport to profligacy and we are just beginning to pay the price for trusting in promissory notes with no foundation.

Financial folly and war have made easy bedfellows down the ages. By regarding the recent actions of gold in an historical context one realises how little has changed. The rise and fall of the Roman Empire acts as a worked example given its many parallels with the modern world.

Vested interests and lobby groups influence modern Senators as much, if not more, than their Roman counterparts. In the First Century AD, the coins of the realm......................

To view our full article Click here

Banner

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Legal - Court throws out lawsuits related to Fannie Mae, Freddie Mac profits, Insider case by SEC is a step removed from Herbalife itself, SEC grants Citigroup waivers, easing hedge-fund curbs[more]

    Court throws out lawsuits related to Fannie Mae, Freddie Mac profits From WSJ.com: A group of Wall Street investors on Tuesday suffered a blow in their attempts to sue the federal government over their treatment of the shareholders of mortgage finance giants Fannie Mae and Freddie Mac af

  2. Launches - Goldman Sachs Asset Management launches GS Long Short Fund, Western & Southern launching international hedge fund, Lansdowne Partners plans energy hedge fund, RBC Global Asset Management launches new RBC Funds (Lux) - Asia Ex-Japan Fund, PVE Capital latest credit strategy to launch on the Sciens managed account platform[more]

    Goldman Sachs Asset Management launches GS Long Short Fund From Marketwatch.com: Goldman Sachs Asset Management has announced the launch of the Goldman Sachs Long Short Fund, which pursues high conviction investment ideas in global equity markets through a fundamental, bottom-up approach

  3. CalPERS’ move might alter hedge fund fees for good[more]

    Benedicte Gravrand, Opalesque Geneva: When CalPERS, the California Public Employees’ Retirement System, announced on September 15th that it was unwinding its hedge-fund portfolio, it was seen by many as is a significant blow to the sector’s appeal. The Fund is

  4. Opalesque Exclusive: Institutions eye private credit over traditional fixed income[more]

    Bailey McCann, Opalesque New York: Investing in private insurance, realty tax receivables, or investment-grade short-term accounts receivable may not spring to mind as a means of mitigating risk in a portfolio, but one firm, New York-based BroadRiver Asset Management is out to change all that. Th

  5. Short-term trading quant fund beats S&P since '09[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A relatively new multi-strategy, market-neutral quantitative hedge fund has managed to outperform the S&P500 and the HFRX Global since 2009. New Jersey-ba