Stockhouse Movers & Shakers: Why my money is in Canadian dollars: Grandich
Several years ago, blogger Peter Grandich moved 90% of his wealth into Canadian dollars. Canada is self contained, he said. It is also self sufficient in water and energy.
“I would own a uranium stock before I would own any one type of metal stocks,” blogger and investment adviser Peter Grandich told a Chicago resource conference recently. The New Jersey resident has also described gold and silver as “worthy investments” while predicting that a military conflict in the Middle East could add up to $50 to the price of oil, albeit “if and when it occurs.”
But in an April 28 speech to the Chicago Resource Expo, he may have raised eyebrows when he said the loonie is one of only two or three currencies that he would place money in – the other being the Australian dollar.
“One of the reasons I like Canada, aside from the fact that it is much like [the United States] in many ways, is that Canada is self contained, it can take care of itself, it can feed itself, it can give itself water and it can give itself energy,'' he said.
That puts the Canadian dollar in a much better situation than its U.S. counterpart, which Grandich describes as “terminally ill.''
In keeping with that view, Grandich said he expects to see stale bull selling in the U.S. dollar in the coming weeks as speculators begin to see that the U.S. economy is not rebounding as they had hoped. “I think that is going to coincide with a rally in gold,'' he said.
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