Gold remains a good store of value, says hedge fund manager |
Date: Tuesday, May 14, 2013
Author: Emily Perryman, HedgeWeek
Paul Singer, founder and president of the Elliot
Management, which manages over USD22bn in assets, is still one of the
believers in the yellow metal.
“We remain unconvinced that genuine normalisation of global economic and
financial conditions has been achieved,” says Singer in a recent interview
with Bloomberg. “There is only one store of value and medium of exchange
that has stood the test of time as ‘real money,’ and that is gold.”
Investors should still consider the fact that many governments around the
world still have major debt issues and continue to endlessly print money.
The Federal Reserve recently announced its intention of continuing to
purchase USD85bn in treasury bonds per month until it sees a better economic
outlook, according to a release on 1 May in a USA Today article.
Other hedge fund managers such as John Paulson and George Soros are sticking
with gold due to the fact that quantitative easing is happening in several
countries around the world.
Hedge fund manager John Paulson continues to purchase and hold gold in spite
of losing USD2bn in a two day drop.