Gold bugs of the world, unite! You have nothing to lose but your exposure to fiat currencies.
Or so says leading hedgie and Wall Street throw back Paul Tudor Jones, who in his latest missive to investors has gone soft at the knees for the yellow metal:
"I have never been a gold bug. It is just an asset that, like everything else in life, has is time and place. And now is that time."
Rousing stuff indeed.
The world, according to PTJ, is looking more and more like the 1970s every day — and like many other recent gold converts he fears that countries could be tempted into monetising their mounting global fiscal deficits, thus further destroying the value of paper cash.
Johnson, FT Alphaville