Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
Cours Or & Argent en

Gold: Professor Wrong Says "Don't Buy" Again

IMG Auteur
Publié le 28 mai 2010
528 mots - Temps de lecture : 1 - 2 minutes
( 0 vote, 0/5 )
Imprimer l'article
  Article Commentaires Commenter Notation Tous les Articles  
Notre Newsletter...
SUIVRE : Bullion Vault
Rubrique : Or, Argent et Monnaie





Phew! That was a close call from our tenured contrarian indicator...

YIKES! FOR ONE awful moment just then, I thought maybe the top was in.

"Gold has become the favored hedge against financial and monetary uncertainty," said Niall Ferguson, Harvard's financial history professor, on Monday.

"It's certainly a time-tested way of coping with really turbulent markets."

Oh cripes! Niall Ferguson – our tenured contrarian indicator – now says gold is a proven defense against investment stress. It's taken 11 years and 356% gains in gold, but he's finally got it.

That's the top. Sell!

Oh, hold on – "A lot of the upside is already there," Ferguson went on, live by video-link to the Wall Street Journal. "The time to buy was in 1999, not 2010..."

Phew! As you were, then, bloody-minded gold buyers. And as you relax, safe in the knowledge that Professor Wrong still says you shouldn't buy, let's remind ourselves just what it was he advised 11 years ago – back in 1999 – the "time to buy gold" as he now puts it...

"The twilight of gold appear[s] to have arrived. True, total blackout is still some way off...Gold has a future, of course.

"But mainly as jewelry."

Fast forward to late 2008 – some $445 higher per ounce for gold, slap-bang amid the post-Lehmans Crash crisis – and Professor Ferguson was at it again.

"I have been debating today whether gold bars really are the answer," Ferguson confessed to the New York Magazine when quizzed about his portfolio for a puff piece that November.

But "they probably aren't," he decided...thereby leaving another $470 per ounce on the table over the last 18 months.

Now he says 2010 is not the time to buy gold either. So, given what happened when he rejected the idea in mid-1999 and then in late 2008, expect another $400-or-so on the price before the Laurence A.Tisch Professor of History next weighs in with his forecast.

The man whose last TV-and-book blockbuster, The Ascent of Money, concluded that "the state-owned bank [was] now close to extinction"...just as the UK nationalized one-third of its finance sector, and the US Fed bought $2 trillion of failing bank assets...now advises that "There are other ways to protect yourself, and maybe somewhat smarter ways."

Missing the point entirely once more, Ferguson recommends – instead of gold – buying Norwegian and Swiss government debt for protection from the sovereign debt crisis.

Clang! Clang! Everybody out!


Adrian Ash

Head of Research



You can also Receive your first gram of Gold free by opening an account with Bullion Vault : Click here.



City correspondent for The Daily Reckoning in London, Adrian Ash is head of research at BullionVault.com – giving you direct access to investment gold, vaulted in Zurich, on $3 spreads and 0.8% dealing fees.


Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.




<< Article précedent
Evaluer : Note moyenne :0 (0 vote)
>> Article suivant
Publication de commentaires terminée
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
Top articles
Derniers Commentaires
Standard or : pourquoi les experts se trompent
Les economistes ne veulent pas entendre parler de l'or parce qu'ils sont absolument tous payes soit par le gouvernement (universitaires) ou par ses...
L’Éco par le Prof : c’est quoi un krach obligataire, c’est quoi une...
Excellente vidéo monsieur Sannat. Il serait bien que vous mettiez le lien pour la vidéo. Si les taux obligataires baissent, c’est que le marché...
L’Éco par le Prof : c’est quoi un krach obligataire, c’est quoi une...
Sur Youtube https://www.youtube.com/watch?v=x4YLtCooKkM
Une retraite Royal ? Que nenni !
Avec les pingouins elle ne sera pas dépaysée .
L’Éco par le Prof : c’est quoi un krach obligataire, c’est quoi une...
Gag !
Une retraite Royal ? Que nenni !
28 juinglanduron2
Le monde de la politique parvient à offrir de superbes carrières à des gens d'une rare médiocrité. Le couple Royal/Hollande a pu prétendre...
Les petites culottes du président Macron… 5 ans, ça va être vraimen...
28 juinglanduron2
Les Français commencent déjà à sentir qu'ils ont fait une conner... Peut-être s'aperçoivent-ils qu'ils ont élu un liquidateur, et non un présid...
Inquiétant!!! Les taux souverains connaissent une nette rechute.
28 juinLouis L.2
".....comprendre que l'arrêt de la planche à billets va s'avérer bien plus complexe que prévu......et donc dangereux ! " Restera une solution ...
Articles les plus commentésFavorisPlus...
Flux d'Actualités