{"id":3953,"date":"2020-05-25T14:05:45","date_gmt":"2020-05-25T14:05:45","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=3953"},"modified":"2020-05-25T14:06:51","modified_gmt":"2020-05-25T14:06:51","slug":"odey-says-governments-may-make-private-gold-ownership-illegal","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/odey-says-governments-may-make-private-gold-ownership-illegal\/","title":{"rendered":"Odey Says Governments May Make Private Gold Ownership Illegal"},"content":{"rendered":"<p style=\"text-align: center;\"><iframe style=\"width: 120px; height: 240px;\" src=\"\/\/ws-eu.amazon-adsystem.com\/widgets\/q?ServiceVersion=20070822&amp;OneJS=1&amp;Operation=GetAdHtml&amp;MarketPlace=GB&amp;source=ss&amp;ref=as_ss_li_til&amp;ad_type=product_link&amp;tracking_id=atozcryptosto-21&amp;language=en_GB&amp;marketplace=amazon&amp;region=GB&amp;placement=B07MCQHQGF&amp;asins=B07MCQHQGF&amp;linkId=b694917af75ec958cda4672129a74f94&amp;show_border=true&amp;link_opens_in_new_window=true\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Crispin Odey, one of Europe\u2019s 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.<\/p>\n<p>\u201cIt 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,\u201d Odey wrote in a letter to investors seen by Bloomberg. \u201cThey will only do this if they\u00a0<span id=\"182cdcf6-9a98-11ea-9752-308d99722a50\">feel<\/span>\u00a0the need to create a stable unit of account for world trade.\u201d<\/p>\n<div class=\"softwall\" data-position=\"2\"><\/div>\n<figure id=\"125\" class=\"figure-expandable\" data-align=\"right\" data-id=\"362152673\" data-image-size=\"half\" data-image-type=\"photo\" data-type=\"image\">\n<div class=\"image\" tabindex=\"0\" role=\"button\" aria-label=\"Open image in viewer\">\n<div id=\"lazy-img-362152673\" class=\"lazy-img\"><img decoding=\"async\" class=\"lazy-img__image loaded\" src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iX31..1PZ2FI\/v0\/400x-1.jpg\" alt=\"1483619795_306385115\" data-native-src=\"https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iX31..1PZ2FI\/v0\/-1x-1.jpg\" data-img-type=\"image\" \/><\/div>\n<\/div><figcaption>\n<div class=\"news-figure-caption-text caption\">\n<p>Crispin Odey<\/p>\n<\/div>\n<div class=\"news-figure-credit credit\">\n<p>Source: Odey Asset Management<\/p>\n<\/div>\n<\/figcaption><\/figure>\n<p>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\u2019s net asset value at the end of the month, up from 15.9% at the end of March. A stake in\u00a0<a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/ABX:CN\">Barrick Gold Corp.<\/a>, the world\u2019s No. 2 gold miner, was his largest single long equity position.<\/p>\n<p>The fund, which gained 21% in March, was down 9.5% in April, according to the letter. A spokesman for Odey declined to comment.<\/p>\n<p style=\"text-align: center;\"><iframe style=\"width: 120px; height: 240px;\" src=\"\/\/ws-eu.amazon-adsystem.com\/widgets\/q?ServiceVersion=20070822&amp;OneJS=1&amp;Operation=GetAdHtml&amp;MarketPlace=GB&amp;source=ss&amp;ref=as_ss_li_til&amp;ad_type=product_link&amp;tracking_id=atozcryptosto-21&amp;language=en_GB&amp;marketplace=amazon&amp;region=GB&amp;placement=B07MCQHQGF&amp;asins=B07MCQHQGF&amp;linkId=b694917af75ec958cda4672129a74f94&amp;show_border=true&amp;link_opens_in_new_window=true\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><a title=\"Eleven Hedge Fund Traders Scored Big Profits When the Crisis Hit\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2020-05-19\/these-hedge-funds-beat-the-coronavirus-driven-market-collapse\" target=\"_blank\" rel=\"noopener noreferrer\">Read more: Eleven Hedge Fund Traders Scored Big Profits When the Crisis Hit<\/a><\/p>\n<p>Fear of government confiscation is a common theme among some of gold\u2019s most ardent supporters, who point for precedent to the U.S. government\u2019s\u00a0<a title=\"Roosevelt's gold program\" href=\"https:\/\/www.federalreservehistory.org\/essays\/roosevelts_gold_program\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">forced purchases<\/a>\u00a0of private bullion holdings in 1933 as part of a devaluation of the dollar. The price of gold was raised from\u00a0<span class=\"\" data-value=\"20.67\" data-original=\"$20.67\" data-symbol=\"$\">$20.67<\/span>\u00a0an ounce to\u00a0<span class=\"\" data-value=\"35\" data-original=\"$35\" data-symbol=\"$\">$35<\/span>, where it remained until the U.S. ended the gold standard in 1971.<\/p>\n<p>Today, with major currencies no longer linked to gold, there\u2019s no indication that governments or central banks are considering any similar move.<\/p>\n<p>Gold futures for June delivery rose 0.4% to\u00a0<span class=\"\" data-value=\"175\" data-original=\"$175\" data-symbol=\"$\">$175<\/span>3.20 an ounce at 7:38 a.m. on the Comex in New York, close to a seven-year high.<\/p>\n<p>Odey, who has previously\u00a0<a title=\"Odey Warns That Great Depression Is Closest Parallel to Pandemic\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-08\/odey-warns-that-great-depression-is-closest-parallel-to-pandemic\" target=\"_blank\" rel=\"noopener noreferrer\">compared<\/a>\u00a0the current pandemic to the Great Depression of the 1930s, argued that central banks would fail to contain inflation as the economy eventually recovers from the impact of global lockdowns.<\/p>\n<p>\u201cHistory is filled with examples where rulers have, in moments of crisis, resorted to debasing the coinage,\u201d he wrote. Odey is not alone in betting that gold will benefit as high inflation follows the coronavirus crisis, although market measures of inflation expectations show that it\u2019s far from a consensus view.<\/p>\n<p><a id=\"73300\" title=\"Hedge Fund Luminaries Are Lining Up Behind Gold Again\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-17\/hedge-fund-luminaries-are-lining-up-behind-gold-again\" target=\"_blank\" rel=\"noopener noreferrer\">Read more: Hedge Fund Luminaries Are Lining Up Behind Gold Again<\/a><\/p>\n<p>High inflation would hurt long-dated bonds and growth stocks, Odey predicted, citing forecasts for inflation rates of 5% to 15% within 15 months. \u201cI very much expect that the authorities will fight these prevailing trends for every inch of the way, but I also expect them to lose the fight,\u201d he wrote<\/p>\n<p>Odey is known for his eye-catching comments and bearish market outlook. In 2016, he predicted that a potential recession and higher inflation following the Brexit vote could lead to U.K. stocks slumping 80%. The following year, he\u00a0<a title=\"Odey Cites Hitler\u2019s Russia Debacle, Minsky for Bearish View (1)\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-05-24\/odey-cites-hitler-s-russia-debacle-and-minksy-for-bearish-views\" target=\"_blank\" rel=\"noopener noreferrer\">told<\/a>\u00a0investors to watch out for the \u201cMinsky moment,\u201d referring to the term inspired by economist Hyman Minsky to describe a sudden market collapse that follows the exhaustion of credit.<\/p>\n<p>source: https:\/\/www.bloomberg.com\/news\/articles\/2020-05-20\/odey-says-governments-may-make-private-gold-ownership-illegal<\/p>\n<p style=\"text-align: center;\"><iframe style=\"width: 120px; height: 240px;\" src=\"\/\/ws-eu.amazon-adsystem.com\/widgets\/q?ServiceVersion=20070822&amp;OneJS=1&amp;Operation=GetAdHtml&amp;MarketPlace=GB&amp;source=ss&amp;ref=as_ss_li_til&amp;ad_type=product_link&amp;tracking_id=atozcryptosto-21&amp;language=en_GB&amp;marketplace=amazon&amp;region=GB&amp;placement=B07MCQHQGF&amp;asins=B07MCQHQGF&amp;linkId=b694917af75ec958cda4672129a74f94&amp;show_border=true&amp;link_opens_in_new_window=true\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crispin Odey, one of Europe\u2019s 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. \u201cIt 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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":3954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[61],"tags":[],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Odey Says Governments May Make Private Gold Ownership Illegal - AtoZcrypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/atozcrypto.org\/odey-says-governments-may-make-private-gold-ownership-illegal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Odey Says Governments May Make Private Gold Ownership Illegal - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"Crispin Odey, one of Europe\u2019s 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. \u201cIt is no surprise that people are buying gold. 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