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Run For Cover! We're Living in a Financial Twilight Zone Says Doug Casey

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(Kitco News) - Don’t tell best-selling author and noted gold aficionado Doug Casey that gold is a speculative play.

“Gold is not the only thing I do but it is the most important thing that anybody can do right now,” said Casey during part one of his interview with Kitco News.

“[Gold] should not be viewed like trading soy beans,” Casey said, adding that it represents “savings in the simplest form.”

Casey, the author of several books including Speculator and Crisis Investing, has been calling for a financial collapse and the rise of gold for some time. Gold has yet to see the rally that Casey speaks of; since the start of the year, gold is up nearly 7% and is trading at $1,227.70 an ounce.

Yet, Casey is not giving up on the metal.

“It’s the only financial asset that is not simultaneously someone else’ liability – that’s why you want to put it away and save it – it’s not a speculative vehicle,” he said.

Casey explained that for him, saving his money is key and there are not many viable places to be in right now.

“Yeah, you can speculate in the stock market, the bond market is in a super bubble, real estate is illiquid and there is a bubble in major cities.  This is a twilight zone situation we have right now and the best place to be is in gold, not for capital gains but for preservation of capital.”

He added, “If you are going to throw in the towel on anything, it’s paper currencies.” 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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