Posted on 2020-02-26 18:48:00[ Show older headlines ]
“I was able to ask Larry Summers about that at dinner a couple of days ago. I knew the answer, but I wanted to hear what his answer was.
So the question was, ‘In the last 10 years, Russia has more than tripled its gold reserves and China has more than tripled its gold reserves.’ They have a lot more off the books, but let's take the official number.
Why are they doing it? And he sort of thought about it for a second and he said, ‘Well, diversification.’ That's actually technically a good answer.
But then he said, ‘Maybe they think the price will go up.’ So I’ve got Larry Summers on the record saying, higher gold prices. I'm on board with that.”