Hang On To Your Gold! G20 Commits To More Stimulus, NIRP, ZIRP And Confusion

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With Japan, Germany, Denmark, Sweden, Switzerland and the European Central Bank now charging lenders to borrow (repeat that to yourself a few times), the whole argument against gold "paying no yield" becomes a sort of punchline.

If there was any doubt as to the source of positive performance in the world's most valuable stock indices over the last year, the G20 policy statement issued on July 24 removed the last of it. In increasingly overt tones, the developed world's leaders are aligning behind the reality that it's OK if GDP growth is…