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Stashing some gold? Here’s why that could soon be illegal, according to one notable hedge-fund bear
Odey said that when the economy recovers from the coronavirus pandemic, which he has likened to the Great Depression, central banks won’t be able to contain inflation. “History is filled with examples where rulers have, in moments of crisis, resorted to debasing the coinage,” said Odey, who has raised his gold position in his flagship Odey European fund all the way up to 39.9% as of the beginning of the month from 15.9% at the end of March. Fear of government confiscation, as Bloomberg News explained, is often discussed among serious gold bugs — it happened in the U.S. in 1933 — but with major currencies no longer linked to gold, there are no signs such a move is realistically even being considered by central banks.
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