"It's the beginning of the end for the U.S. dollar," says Lionsgate founder Frank Giustra
Canaccord's Global Resource Conference happening in Miami at the moment featured a lengthy lunchtime chat with billionaire investor Frank Giustra where he said "he doesn't want to sound apocalyptic," but probably ended up scaring the bejezus out of the audience anyway.
In 2002 Giustra wrote a book called "A Tarnished Dollar Will Put the Shine on
Gold." That was back when
gold was trading below $300 and quantitative easing wasn't even a glint in Ben Bernanke's eye.
A decade later he's sticking to his guns: "I don't know when and I don't know how high. But
gold is going a lot higher.
"
Gold is the bubble of all bubbles. It's the mother of all bubbles. It's the bubble people will go to when they've exhausted all other bubbles.
"Here's why: It is moveable. It is easily transferable across borders in times of crisis. It's a currency. It's liquid. It's easily tradeable.
"I'm a fan of all hard assets, but particularly
gold. It's the largest part of my portfolio and it will continue to be until this cycle is over. ...
"It's the beginning of the end for the U.S. dollar. I don't want to sound apocalyptic, but how else does this end? You have to be on the right side of this trade."
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