by JL Yastine
The Sovereign Investor
What’s the world coming to when one of the biggest, oldest insurance companies on the planet decides that gold — yes, gold — is its own best insurance against monetary disaster?
That’s what I found myself thinking a few weeks ago when Munich Re, one of the 20 largest financial services companies in the world, said it was storing bullion and cash in the company’s vaults out of disgust with the European Central Bank (ECB) and its negative interest-rate policy.
I mean, once upon a time, hoarding gold was the domain of the tinfoil-hat crowd — think of Scrooge McDuck sitting in his bunker counting out Loonies and Krugerrands.