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(Kitco News) Thurs. May 30 th, 2019 – You can add another billionaire to the bullish gold camp as Thomas Kaplan, chairman and chief investment officer of Electrum Group said in a recent interview with Bloomberg that gold is on the cusp of a new decade long bull market.The investor and philanthropist made the comments in an interview with David Rubenstein on Peer-to-Peer Conversations, to be aired on Bloomberg TV Wednesday evening.
In a preview clip of the interview Kaplan, who is also chairman of Novagold Resources (NYSE: NG, TSX: NG) said that because of economic fundamentals gold prices could rally as high as $3,000 to $5,000 within a decade.
Although Kaplan is bullish on gold, he also said that he could see lower prices in the near-term.
His comments come as gold prices have been stuck in a tight range between support at $1,270 an ounce and resistance at $1,300 an ounce. Currently, gold prices are struggling to catch a bid even as U.S. bond yields have dropped to their lowest level since mid-September 2017. June gold futures last traded at $1,282.60 an ounce, up 0.44% on the day.
Kaplan is just the latest fund manager to jump on the gold bandwagon. Earlier this month, SEC filings showed that Ray Dalio’s hedge fund Bridgewater Associates increased its holdings in both SPDR Gold Shares (NYSE: GLD) and iShares Gold Trust (NYSE: IAU) in the first quarter of 2019.
David Einhorn, founder of Greenlight Capital also reiterated his positive sentiment for gold in a conversation with Kitco News during the Sohn Investment Conference.
“I hold gold, and I am never going to get rid of it. I hope that I never have to use it,” he said.
Jeffrey Gundlach, founder of DoubleLine Capital. He also expressed a long-term affinity for the yellow metal during the conference. “I love gold. I have owned gold since it was trading at $300,” he said.
Posted by :
Jack Dempsey , President
401 Gold Consultants LLC
jdemp2003@gmail.com