– Irish Finance Minister Dumps Stocks – Buys Gold (ZeroHedge, March 16, 2015):
– Ireland’s Minister of Finance shifted personal wealth out of stocks and into gold
– Minister invested in SPDR Gold Shares ETF, Portuguese government bonds and other ETFs
– Maintained holdings in bank and agricultural commodities ETFs
– Gold ETF not a safe haven asset – much unappreciated counterparty risk
The Minister for Finance in Ireland, Michael Noonan, sold his shares in funds that track European and US stocks and diversified his portfolio including allocating some of his personal wealth into a gold exchange traded fund (ETF) in 2014.