Alè adesso cominiciano tutti a dare i numeri con l'oro
Voglio un hedge fund denominato in hamburger !
Gold is the new money
Posted by Tracy Alloway on Jan 29 13:00.
Dollars are passé, the euro is over, and the Great British Pound is, well, the Great British Krona.
From today’s FT:
A hedge fund has begun offering investors the chance to have their investment denominated in gold, as worries grow over governments debasing their currencies by printing money.
Osmium Capital Management, a $178m hedge fund manager based in Bermuda, is launching a new share class allowing investors to hold shares measured as troy ounces of the fund, rather than US dollars, sterling or euros.
The move follows a surge in investor demand for small gold bars and coins held by individuals and gold-backed exchange-traded funds that are holding a record amount of bullion.
Of course — deciding whether to pile into gold still means having to answer the question: What are you more worried about — deflation brought on by a global recession or inflation induced by governments’ liquidity operations and competitive currency valuations? It’s a pretty fundamental one, and something that’s being debated among central bankers as well as your run-of-the-mill commodities analyst.
Investors, however, seem to increasingly be siding with the inflationary outlook. To wit David Einhorn beginning to buy, and Citi’s prediction earlier this week that gold may go over $2,000 an ounce. As Citi noted then, we may just be seeing the beginning of a new bull market:
We continue to believe that the present trend in Gold could ultimately achieve the same percentage gains as seen in the 1976-1980 bull market.
That move was from $101 to $873. We have already seen a move of almost exactly equal length in nominal terms. (Prior bull market was as above $772 low to high while this time the low to high move so far is $252 to $1030 or $778).
However the percentage change in the last bull market low to high was 764% (A perfect Fibonacci ratio interestingly enough). A repetition of that this time would target a price of $2,178.
http://ftalphaville.ft.com/blog/2009/01/29/51827/gold-is-the-new-money/