Billionaire says buy more gold
July 22, 2019

From Bloomberg:

Billionaire hedge-fund manager Ray Dalio sent ripples through the gold market this week when he advised buying the metal, but he's part of a bigger wave.

In the past month, banks including Goldman Sachs, Citigroup, and Morgan Stanley have raised their forecasts for bullion or touted its prospects, while holdings in exchange-traded funds linked to gold rose to a six-year high. Richard Hayes, chief executive officer of Australia's Perth Mint, said buying by central banks is adding to the enthusiasm.

Bullion is getting more attention from institutional investors as the prospect of slowing economies, lower interest rates and rising global tensions drives demand for the metal as a store of value. Gold, which benefits from low rates because it doesn't pay interest, has since late May generated the best returns in the Bloomberg Commodity Index.

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