Finally, a few Japanese pension funds have bought some gold. Well, not gold, but promises to pay digital money that is tied to gold’s price. In short, they buy paper money.
This is news. No mainstream funds are ever supposed to own gold, even if it’s not really gold. This strategy is so radical that it gets a little attention, but not much.
I think of this as a cloud no larger than a man’s hand. It does not indicate a major shift in opinion. But it is a tell-tale sign that fund managers are growing skeptical of stocks and bonds. It’s a shift of view. It’s a decade late.