Forbes was one of the keynote speakers at FreedomFest, an annual convention that looks to gather free minds for open discussions on politics and the economy. In an interview with Kitco News’ Daniela Cambone, Forbes said that if investors and consumers had faith in the economy then there would be no need to hold the yellow metal.
He added that only jewelers and gold miners should be buying gold. However with little confidence in the dollar, he added that investors are either looking for defensive securities or are sitting on the sidelines.
“When [gold] has to be bought as an asset class it tells you that the politicians are making a hash of things, central bankers are making a mess,” he said. “If it’s fixed in value, the only ones who would buy it would be jewelers.”
“If the politicians do things right then you can invest your money into productive assets instead of trying to defend what you have,” he added.
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