Gold “Under Owned” and “Only Real Money” – Billionaire Singer Says

“In a world where the value of paper money is affirmatively aimed at being degraded by central bank policy, it’s kind of surprising to me that gold can’t catch a bid,” the billionaire and member of Bloomberg Markets 50 Most Influential said at the SOHN Investment Conference in Tel Aviv yesterday.

Paul Singer, billionaire and chief executive officer of Elliott Management Corp.
(Photographer: Chris Ratcliffe/Bloomberg)

As reported by Bloomberg, Singer took aim at monetary policy makers for a staggered economic recovery from the 2008 financial crisis, and what he called the “cult of central banking” in which investors turn to regulators such as Janet Yellen and Mario Draghi to solve the ills of the global financial system.

And while those policies have “levitated” bond and equities, gold remains depressed and Singer is surprised by how little the investors he meets with own gold.

“I like gold. I believe it’s under-owned. It should be a part of every investment portfolio, maybe five to ten percent.”

Singer previously noted at this year’s Ira Sohn conference that it “feels like something institutional investors need to own,” adding that “the supply of gold cannot be radically expanded in a short period of time.”

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DAILY PRICES
Today’s Gold Prices:  USD 1183.35, EUR 1034.08 and GBP 764.16 per ounce.
Yesterday’s Gold Prices:  USD 1173.70, EUR 1028.52 and GBP 764.78 per ounce.   
(LBMA AM)

IMPORTANT NEWS

Gold Comes Back to Life as Prices Exceed 200-Day Moving Average – Bloomberg
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Read more News & Commentary on GoldCore.com