A friend of mine, who has been in the insurance industry for 25 years, called me tonight and said, “You have to see this.” Northwestern Mutual Life Insurance Co., the third-largest U.S. life insurer, went out and bought gold. This is a very significant and telling move on the part of an insurance giant. The company accumulated $400 million in gold. A quote from the company’s CEO:
“The downside risk is limited, but the upside is large,” Zore said. “We have stocks in our portfolio that lost 95 percent.” Gold “is not going down to $90.”
