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Ron Paul's Investments Bet Against US Economy

Monday, 22 Aug 2011 09:17 AM

Perennial presidential candidate Ron Paul's investment portfolio comprises a bet against America, according to a report from Barron's.

Paul’s most recent financial disclosure, which covers the year 2010, showed he held $1.6 million to $3.5 million in gold mining stocks, plus stakes in three bear-market funds he’s held for many years.

In all, Paul's portfolio amounts to a super bearish bet against the U.S. economy that would have made a bundle for Paul, who voted against raising the debt ceiling, had the U.S. defaulted on its debt.

However, Paul’s financial disclosures show no physical gold, gold coins, or gold equivalents like certain exchange-traded gold funds, which, given that he believes gold is an insurance policy against debasement of fiat currencies.

Barron’s researched Paul’s financial disclosures for earlier years and that from 1994 through 2002, Paul reported holding "semi-numismatic" coins worth between $100,001 and $250,000, holdings that don’t appear in disclosures from 2003 on.

When Barron’s contacted Paul’s office, his press spokesperson said the congressman did not wish to comment.

Reuters reports that, even if gold prices backtrack a little before the end of this year, the long-term outlook of the precious metal remains strong according to the head of one of Canada's largest gold miners.

"Whenever we start to see these very large, near parabolic moves in the price it does make me nervous. I would prefer to see a more steady measured growth in the price like we've seen over most of the last 10 years," Goldcorp CEO Chuck Jeannes said.

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