The Tell: The unrelenting hunt for yield may end in tears, says James Grant

Listening to Wall Street pundit James Grant ought to make investors feel unsettled. The prominent author of Grant’s Interest Rate Observer is starting to sound a lot like many permabears roaming this yield-parched world.

Grant told Swiss business paper Finanz und Wirtschaft in a Q&A published on Monday that he’s scooping up shares of gold GCZ6, -0.72% and gold miners GDX, -1.49% because he fears that the world will lose faith in central banks, or as he terms it “monetary management.”

That call makes Grant sound a lot like Peter Schiff, chief executive of Euro Pacific Capital, who harbors a low opinion of the U.S.

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