With gold and silver consolidating recent gains, today four decade veteran John Hathaway told King World News that many of his clients are scared because of what is happening in the economy and the global financial system. Hathaway is the prolific manager of the Tocqueville Gold Fund and he has achieved a 5-star rating from Morningstar. Here is what Hathaway had to say: “People are scared on a number of different fronts. It’s economic, the fact that the economy is basically going nowhere. The policies of the administration. We have no solution to the fiscal issues in site. You know people are right to be scared. The direction of public policy in this country is dreadful.”
John Hathaway continues:
“If you look at Europe, that’s a farce. I’ve given up watching what’s going on in Greece. If they have an agreement, you can bet it will fall apart within a month of them signing it. Europe hasn’t been solved. So anybody with liquid assets in this world, given this macro climate where financial repression is the avowed policy of treasury departments and central banks around the world, you’ve got to think about gold. And gold is not a trade. You don’t do it to make money, you do it to protect capital.
