Pursuits
Billionaire Singer Lauds Gold as Central Banks Aid Recovery
- Surprised gold `can't catch a bid' amid central bank policy
- Says gold is the `only real money,' and is `under-owned'
Paul Singer, billionaire and chief executive officer of Elliott Management Corp.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
As central bankers prop up bond and stock markets with near-zero interest rates and bond purchases, gold is being overlooked, according to Elliott Management’s Paul Singer.
“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 on Wednesday. “I like gold. I believe it’s under-owned. It should be a part of every investment portfolio, maybe five to ten percent.”