With chaos in markets surrounding the Fed’s decision, today King World News is pleased to share the thoughts of one of the top strategists in the world, Robin Griffiths of Cazenove out of London. Cazenove Capital is the appointed stockbroker to Her Majesty The Queen.
The acclaimed strategist warned about the Fed’s strategy and stated that Western central banks have, “lent out or sold so much of the precious metal that it would take seven years of production to rebuild their reserves to the levels they were at two years ago.” Griffiths also warned about the US dollar and predicted gold is headed to new all-time highs. Below is his outstanding piece.
September 18 (King World News) - “World Investment Strategy”
In the currency markets the most over-crowded trade was to be long the US dollar – but this has not been working. Against the euro, sterling and the yen, the dollar has been losing ground. The old market saying is that when everybody is thinking the same thing, then nobody is thinking at all. They often have a rude awakening and when this happens, cash is king.
It is an abuse of the English language to describe what has occurred in the west over the past three years as growth....
