Now he says early summer 2010 is not the time to Buy Gold either. So, given what happened when he rejected the idea in mid-1999 and then in late 2008, expect another $400-or-so on the price before the Laurence A.Tisch Professor of History next weighs in with his forecast.
And meantime, the man whose last TV-and-book blockbuster, The Ascent of Money, concluded that "the state-owned bank [was] now close to extinction"...just as the UK nationalized one-third of its finance sector, and the US Fed bought $2 trillion of failing bank assets...now advises that "There are other ways to protect yourself, and maybe somewhat smarter ways."
Missing the point entirely again, Ferguson recommends – instead of gold – buying Norwegian and Swiss government debt as protection against...ummm...the sovereign debt crisis.
Of course, in Ferguson's defense, he isn't an investment analyst.