In late 1978, during my first United Nations consultancy in Colombia, Rod Mowat, the project manager and committed gold bug, was convinced that the world gold price was going to increase dramatically because of high inflation fuelled by massive budget deficits. He recommended that I invest in gold stocks and learn about gold deposits because of the likelihood that gold exploration would become far more important once the price increased. These were prescient recommendations because the gold price really took off in 1979 to reach US $850 per ounce in January 1980 as a result of the Soviet invasion of...
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