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John Hathaway: No way out of debt monetization

Section: Daily Dispatches

12:03p ET Friday, January 31, 2020

Dear Friend of GATA and Gold:

Now writing his market letter now Sprott, which has incorporated the Tocqueville Gold Fund into the Sprott Gold Equity Fund, porfolio manager John Hathaway says the Federal Reserve must monetize the U.S. government's budget deficits becaus foreign investors are losing interest in U.S. debt and interest rates are too low to compensate for currency risks.

This, Hathaway continues, is pushing central banks into record purchases of gold.

... Dispatch continues below ...


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But he adds: "Until mainstream investment strategies run aground, interest in precious metals will continue to simmer on low, notwithstanding the likelihood that 2020 may be another very good year for the precious metals complex.

"The many reasons why mainstream investment strategies could unravel are not difficult to imagine. They include the emergence of meaningful inflation, further slippage of the U.S. dollar's nearly exclusive reserve currency status, and market-driven interest rate increases or a recession. Any or all of these could disrupt the continued expansion of the Fed's balance sheet, triggering a rapid reversal in financial asset valuations."

Hathaway's letter is headlined "No Way Out" and it's posted at Sprott here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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