Canadian billionaire businessman Ned Goodman predicts the end of the U.S. Dollar as the world’s reserve currency. He says the transition out of the U.S. Dollar will become, “…quite ugly.” He delivered the lecture at Cambridge House’s Toronto Resource Investment Conference 2013 on Thursday, September 12, 2013.
Ned Goodman ditches bank stocks for gold
Ned Goodman, founder and chief executive officer of holding company Dundee Corp., shed the last of his bank shares after forecasting global inflation will make investments such as gold stocks and organic beef more rewarding.
Goodman, who oversees about C$10 billion ($9.6 billion) for Dundee and its investments in real estate, precious metals, energy and infrastructure, sold the last of the company’s Bank of Nova Scotia shares earlier this quarter. Dundee held Scotiabank stock valued at about C$519 million as of March 31, according to the first quarter earnings report, including shares acquired after the bank purchased the DundeeWealth Inc. asset- management unit for C$2.3 billion in 2011.
“Our whole investment modus operandi is to get involved in those industries and companies that will gain from an inflationary event,” Goodman, 75, said in an interview at Bloomberg’s Toronto office Aug. 1. “I’m more bullish on gold now than I’ve ever been.”