Gold News

Eurozone "Lying" Means It's Time To Buy Gold

A LEADING hedge fund manager says the Eurozone debt crisis is a reason to Buy Gold – especially when key politicians extol the virtues of lying to the public.

In his speech at last month's Ira Sohn conference, David Einhorn, president of Greenlight Capital – which manages a reported $7.8 billion in assets – said comments by Eurozone finance minister chairman Jean-Claude Juncker were a "flashing light directive" to Buy Gold.

"'When it becomes serious you have to lie'" Einhorn quotes Juncker as saying, referring to comments the latter made in April.

"Juncker's comment is probably about as honest as anything we've heard from a politician since the economic crisis began," Einhorn told the conference.

"Apparently authorities believe that spreading knowingly false information with the intent of manipulating asset prices is acceptable behavior," he added.

It is not the first time Einhorn has recommended investors Buy Gold. Last December he told CNBC viewers that he expected gold to go higher as long as monetary policy remains loose.

In 2009 Greenlight switched its gold position out of the SPDR Gold Shares ETF (ticker symbol: GLD) and into physical Gold Bullion, citing lower costs.

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