Harvard Econ Prof. Kenneth Rogoff: Buy Gold

(Kitco News) – Emerging market economies need to shy away from the U.S. dollar and U.S. treasuries, and instead invest more in gold, this according to one Harvard profession.

Tuesday, in a commentary for Project Syndicate, Kenneth Rogoff, professor of Economics at the Ivey League university and former chief economist at the International Monetary Fund, recommended that emerging economies boost their gold reserves to about 10%, which would still keep them below some developed country’s gold reserves.

“Emerging markets have remained buyers of gold, but at a snail’s pace compared to their voracious appetite for U.S. Treasury bonds and other rich-country debt.”