World’s ultra wealthy go for gold

Fred Hickey/Twitter feed

photo showing a stack of gold kilo bars“I’d be mighty uncomfortable right now with gold inching ever closer to a major breakout if I was one of those many wise guys who’d sold out their long gold futures positions, sold GDX, & bought DUST in anticipation of a seasonal sell-off that hasn’t occurred. A perfect environment for gold – now breaking out & on its way to new highs, leaving lots of influential gold traders (long-term bulls) on the sidelines & now having to chase gold higher. Only 1 of half-dozen traders (with lots of followers) has thrown in the (bear) towel (last nite) First the smart money guys bought gold (Tudor-Jones, Druckenmiller, Gundlach, Dalio, Zell etc. Now mainstream money’s coming in (see recent Reuters story about 9 major wealth advising firms recommending as much as 10% gold allocations). Public will follow. 30 tons into GLD last 2 days.”

USAGOLD note:  There was a time when gold was considered a marginal choice on Wall Street. Over the past several years, it has become increasingly mainstream with a good many fund managers and investment advisors consistently touting it as a necessary inclusion in the well-balanced investment portfolio. Below is a link to the Reuters article Hickey cites above:

 World’s ultra-wealthy go for gold amid stimulus bonanza/Reuters/6-18-2020

Repost from 7-2-2020

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