The Fed is bluffing, and no matter what happens with interest rates, it might be best for investors to stick with gold, this according to widely known Fed critic and Wall Street pundit Jim Grant. Speaking with Kitco News, he argued that the gold price will not be driven by the next move by the Federal Reserve, although most recent gold price fluctuations have been the result of shifting rate hike expectations. Instead, “it’s the revelation that we’re walking – or running – down the wrong path, and that we must regroup and formulate a monetary policy that’s based upon a lasting standard of value,” the popular newsletter publisher said. “I think a bet on gold, to me, is actually an investment in monetary disorder. It’s not a hedge against it because we have monetary disorder; I think what us, gold bugs are waiting for is the spreading perception that we have monetary disorder.” To Grant, central bankers’ policies around the world will make investors either “end in tears” or “laughter,” depending on how people position themselves.
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