Jim Grant: Hold Gold for Messy QE Exit, Revamped Monetary System

``I think it's prudent to prepare for an ungraceful, noisy, and distorting exit. For that reason I continue, for example, to be bullish on gold and gold stocks, although one can hardly bear to say those words most days.  They've been very disappointing.  But I think they represent prudent (investments), if currently depressed, and for that reason perhaps more interesting than if they were elevated."''