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Gold Bug Profile: Crispin Odey

JP Buntinx
May 30, 2020

Many people tend to show an affinity for certain aspects of the financial industry. In the case of Crispin Odey, he is often very bearish on all markets, except for gold. That is rather remarkable in its own way, but it appears that there is a good reason for this sentiment as well.

The Career of Crispin Odey

Starting one’s career often happens as soon as higher studies are wrapped up, Fr Crispin Odey, his degree in history and economics has served him rather well throughout his career. His first test came in the form of managing Hotham Hall, a family estate which he promptly sold at age 23. 

Things could have turned out very differently for Odey, as he could have easily pursued a legal career. Rather than going down that path, he joined Framlington fund managers, and later on, the Baring European Growth Trust. 

Eventually, Odey founded his own company, aptly named Odey Asset Management. George Soros invested in this venture at an early stage through a major financial commitment. Albeit the company lost a lot of money in the early years, it eventually recovered and came out on top. The 2008 financial crisis certainly played a role in this success story, albeit many smart individuals took full advantage of that golden opportunity.

Crispin Odey Absorbs Personal Losses

No financial portfolio is safe from volatility, either through failed investments or due to external factors. Odey is no exception, as he lost over $225 million in personal fortune when his company went through a bad spell.  Most of these losses were recovered when the Pound Sterling dropped in value during the Brexit conundrum.

It is also around this time that Odey started becoming more vocal about his outlook on the monetary system. This outlook was, and still is, primarily bearish due to ongoing shenanigans. Odey is one of those people who will bet against the Fed when the time arises, as the central bank’s decision will often have a negative long-term impact. 

Crispin Odey on Gold

Over the years, the name Crispin Odey was often named in association with gold and other precious metals. Particularly during the coronavirus crisis, Odey expected the value of gold to move up again. Some investments into gold stocks have been made through his own company, further affirming a positive outlook on this particular market.

Another interesting tidbit of information shared by Odey pertains to personal ownership of gold. He claims that, when inflation begins to spike due to recently issued stimulus packages, personal gold ownership may become illegal. More specifically, Odey expects that central banks will try to obtain these metals to stabilize domestic currencies.

Contrary to what most may assume, there is an effective precedent for such a development. Back in 1933, private gold holders were forced to give up their stakes to help the US Dollar’s value recover. Central banks will not shy away from extreme measures to remain relevant, albeit this is not the right option to explore. 

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