At least that’s the contention of MineWeb editor Alec Hogg, who warns that “Gold’s enemies are multiplying”:
Just as the metal’s recent surge runs out of steam – temporarily perhaps – new voices are being added to the recently silenced crowd which never misses an opportunity of dissing the “barbarous relic”. Among the e-mails being circulated by the anti-gold lobby is an interview in late October by Nouriel Roubini, or Dr Doom as he prefers to be called, who told Yahoo Finance you’ll never find him among bullion’s supporters.
Roubini opined: “I don’t believe in gold. Gold can go up for only two reasons. [One is] inflation, and we are in a world where there are massive amounts of deflation because of a glut of capacity, and demand is weak, and there’s slack in the labour markets with unemployment above 10% in all the advanced economies. So there’s no inflation, and there’s not going to be for the time being.”