The world has no shortage of doom-saying economists ready to advise investors to stock up on gold against a coming financial catastrophe. Until recently, none of them could claim to be a former Chairman of the Federal Reserve Board.
On Wednesday, though, as the Federal Open Market Committee prepared to announce the end of the years-long asset purchase program known as Quantitative Easing, Alan Greenspan, the near-legendary Fed chair whose every utterance used to be parsed by market watchers, spoke before the Council on Foreign Relations and advised listeners that under current conditions, gold is probably a good investment.
According to Wall Street Journal reporter Michael S. Derby, “Mr. Greenspan said gold is a good place to put money these days given its value as a currency outside of the policies conducted by governments.”
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