Trump's Pick for Budget Chief Liked Gold, Had Dim View of Dollar
Source: Bloomberg
President-elect Donald Trump’s pick for budget chief, Mick Mulvaney, has been an active investor in gold and gold-mining stocks, often seen as a hedge against collapsing currency.
The South Carolina Republican congressman has accused the Federal Reserve of debasing the value of the greenback and has praised bitcoin, an alternative currency. He held between $50,000 and $100,000 in precious metals as of the end of 2015, filings show.
Now, as Trump’s nominee to run the Office of Management and Budget, Mulvaney, 49, is poised to influence U.S. fiscal policy. As director of OMB, he would help the president set government spending and could end up working on an overhaul of the federal tax code. At least one other member of Congress appointed by Trump to a cabinet-level position, Representative Tom Price, also has a history of trading stocks while in office.
Mulvaney’s investments in mining companies date to at least 2010, the year he was elected to the House of Representatives as part of the Republican Tea Party wave. A filing detailing his holdings at the end of that year shows he and family members owned stocks and funds of gold- and silver-mining companies -- including Eldorado Gold Corp., Agnico Eagle Mines Ltd. and Pan American Silver Corp. -- with a total value of between $252,000 and $855,000.
Read more: https://www.bloomberg.com/news/articles/2016-12-29/trump-s-pick-for-budget-chief-liked-gold-had-dim-view-of-dollar
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