Another billionaire investor likes gold.
During an interview on Bloomberg TV, Paul Tudor Jones didn’t mince any words when asked about his view on the markets.
I think one of the best trades is going to be gold.”
Tudor joins several other prominent investors who have declared their love for the yellow metal in recent weeks. Last month, Thomas Kaplan said he sees the possibility of $5,000 in the future. Earlier in May, SEC filings showed that Ray Dalio has increased his position in gold. During the Sohn Investment Conference, Jeff Gundlach said, “I love gold. I have owned gold since it was trading at $300.” And David Einhorn, founder of Greenlight Capital told Kitco News, “I hold gold, and I am never going to get rid of it. I hope that I never have to use it.
Jones said he sees the possibility of $1,700 gold in the near future.
If I had to pick my favorite [trade] for the next 12 to 24 months it would probably be gold. I think if it goes to $1,400, I think it goes to $1,700 rather quickly. It has everything going for it in a world of rates that are conceivably going down in the United States and going to zero.”
Jones expressed concern about the ongoing trade war and its impact on the global economy. He said it’s hard to project just how much damage it will do.
That would make one think that it’s possible that we go into a recession. It would make one think that rates in the United State go back towards the zero-bound level, and of course, in that situation, gold is going to scream.”
Jones founded Tudor Investment Corporation in 1980. In February 2017, Forbes estimated his net worth at $4.7 billion, ranking him 120th on Forbes 400 richest people.
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