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NY Times on Gold: ‘The Tea Party of Investments’

November 10, 2010

As the second round of quantitative easing gets underway, the New York Times is realizing a trend: more and more people are turning their back on paper investments and instead buying gold.

“The weak dollar, the volatile stock market, the lackluster economy, the yawning budget deficit, the accommodative Federal Reserve — all this and more have people rushing for gold,” the article says.

“It’s in effect a protest vote that there’s something amiss with current policies,” the article quotes Abhay Deshpande as saying — he’s a portfolio manager with First Eagle Funds and a longtime gold investor.

The author notes that over the last two months, the dollar has declined six percent “against its principal peers” while gold has jumped 17 percent.

Not lost even to the Times is who else is snatching up the shiny commodity: George Soros.

Read the entire NYT article.

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