Odey Says Governments May Make Private Gold Ownership Illegal – by Jack Farchy and Nishant Kumar (Bloomberg News – May 20, 2020)

https://www.bloomberg.com/

Crispin Odey, one of Europe’s highest-profile hedge fund managers, said that governments may ban private gold ownership if they lose control of inflation in the wake of the coronavirus crisis.

“It is no surprise that people are buying gold. But the authorities may attempt at some point to de-monetise gold, making it illegal to own as a private individual,” Odey wrote in a letter to investors seen by Bloomberg. “They will only do this if they feel the need to create a stable unit of account for world trade.”

Odey, a long-standing critic of central bank policies who is known for his apocalyptic predictions, increased the gold position in his flagship Odey European Inc. fund during the course of April.

Holdings of June gold futures represented 39.9% of the fund’s net asset value at the end of the month, up from 15.9% at the end of March. A stake in Barrick Gold Corp., the world’s No. 2 gold miner, was his largest single long equity position.

For the rest of this article: https://www.bloomberg.com/news/articles/2020-05-20/odey-says-governments-may-make-private-gold-ownership-illegal

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