Leon Cooperman joins ranks of billionaire gold owners
“I bought gold for the first time in my life a week ago. I understand the case for gold. We’re on the way to some banana republic situation. Nobody’s worrying about the debt that’s being created. … We’re pulling it off, because interest rates are zero, but interest rates aren’t going to be zero forever. If they are, they’re going to destroy the whole capital market line, they begin to destroy capitalism. It just doesn’t make sense to me”
USAGOLD note: For many of us, 2020 has been a year of firsts and radical alterations to our life view. Cooperman joins a long list of hedge fund managers and billionaire investors who have turned to gold under trying economic circumstances. He is the highly regarded head of New York City-based Omega Advisors, a family office with $1 billion under management. He says what he fears most is socialism.
Image courtesy of Visual Capitalist
Repost from 10-4-2020