You Are Here: Home >> Business >> Investment >> United States >> Gold will hit $1,900 this year, legendary investor Byron...

Gold will hit $1,900 this year, legendary investor Byron Wien tells CNBC - Wealth Managers

February 01,2013


"The dollar is the reserve currency, and it's being debased by the Federal Reserve," notes Blackstone vice chairman

Gold will hit $1,900 this year, legendary investor Byron Wien tells CNBC - Wealth Managers

1

Gold will hit $1,900 this year, predicts legendary investor Byron Wien, vice chairman of Blackstone Advisory Partners, in a Jan. 31 CNBC interview.

"I'm not a commodities speculator. I buy gold as an insurance policy against calamity in financial assets. If the market is turbulent, if the VIX goes up, I think you're going to be glad you own gold. I have a 5% position in gold. I don't own it because I think it's going up. I own it because if my financial assets get into trouble, I'm going to be glad I have a little insurance in the form of gold. ... The dollar is the reserve currency, and it's being debased by the Federal Reserve. But so is the euro being debased by the European Central Bank, and so is the yen by the Bank of Japan. So it's a currency war of competitive devaluations. And I think the dollar will pretty much hold its own against the yen and the euro this year, even though the Fed is debasing it, because the other central banks are doing the same thing."



402

views

Contact

Richard W Davey Organization

Richard Davey

Featured Sections

Explore more in Gold will hit $1,900 this...

Share with your friends

Tell your friends the great news you've just found!



Unable to connect the network ,please try again.

Please enter the right code in the image!

Congratulations!

Your message has been sent to your friends.

Contact to the author

Send a message to the author!



Unable to connect the network ,please try again.

Please enter the right code in the image!

Congratulations!

Your message has been sent to the author.

Report to Free-Press-Release.com

Report to Free-Press-Release.com



Unable to connect the network ,please try again.

Please enter the right code in the image!

Congratulations!

Your message has been sent to the author.