Paul Singer: Cryptocurrency Is “A Dazzling Marketing Pitch And Nothing Else”; Gold Should Be The New Global Currency Reserve [Q3’24 Letter]

The debate over whether the U.S. dollar should be replaced as the global reserve currency continues. However, Paul Singer doesn't think cryptocurrency is the answer.

In their third-quarter letter to investors, which was obtained by Hedge Fund Alpha, the Elliott Management team said many people want to see some other currency replace the U.S. dollar as the reserve currency — and the answer is gold.

Also see

• Paul Singer Questions Last Rate Cut as Fed Mulls December Decision Amid Rising Inflation; Sees Opportunity In These Energy Stocks 
• Paul Singer: Skyrocketing PE valuations not a good thing
• Paul Singer Calls Out Policymakers for Mismeasuring Inflation

Gold demand hits new record high

Demand for gold is high, as the World Gold Council reported at the end of October that global gold demand hit a new all-time high of over $100 billion. Total gold demand rose 5% year over year to 1,313 tons for a record third quarter.

Global gold investment demand more than doubled year over year to 364 tons, driven by shifting demand for gold exchange-traded funds, mostly from investors in the West. Gold ETFs added 95 tons for the first positive quarter since the first quarter of 2022.