Russell Napier and the “Library of Mistakes” (Why Economists with History Books Like Gold)

by Peter Diekmeyer
Sprott Money

Russell Napier looks like a typical economist. The co-founder of Electronic Research Interchange is cerebral, erudite, and works in an office with books piled to the ceiling.

A closer look reveals that those books tend to encompass a broad range of subjects and were written long ago.

“Economists today focus almost exclusively on numbers,” says Napier, a long-time student of gold’s role in previous financial crises. “Many complete university without reading a single history book.”

This has a direct effect on investors. According to CPM Group, a research firm, gold holdings as a percentage of total private financial assets remain less than 1%.

Napier isn’t the only financial advisor whose vast private reading coincides with an interest in sound money.

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