Bloomberg News: Billionaire Paulson Says Central Banks Will Keep Buying Gold
Article by Jacob Lorinc in Bloomberg News
Central banks will keep buying gold in a push to diversify away from paper currencies amid political and economic upheaval, according to billionaire hedge-fund manager John Paulson.
Paulson, one of the biggest bullion fans on Wall Street, says the precious metal is “moving to a new level of valuation” as investors flee from US stocks, bonds and the dollar to haven assets while an expanding global trade war casts a shadow over the economic outlook.
“The trend will continue, and the voracity of that trend will depend on political developments,” Paulson said in an interview. Gold briefly topped $3,500 an ounce for the first time ever on Tuesday following President Donald Trump’s repeated calls on the US Federal Reserve to cut interest rates immediately.
The founder of Paulson & Co Inc. has long touted his preference for gold and is .....