Key Players Buying More Gold Now
The Paulson & Co. founder “told investors it’s time to buy the metal as protection against inflation caused by government spending,” Bloomberg reported today.
Bloomberg reported that 12 of 22 companies surveyed had a buy on gold, with five surveyed neutral.
Paulson & Co., the largest owner of the SPDR Gold Trust Exchange Traded Fund, which trades in gold futures, cut its position in 2011, Bloomberg reported earlier, probably to cover losses in securities.
A Feb. 14 SEC filing showed Paulson & Co. with $2.9 billion worth of SPDR shares, according to Bloomberg’s latest report.
Meanwhile, central banks—even as they act to inflate the currency supply, thus fueling the run toward gold—also are stocking up, Bloomberg reported.
Most analysts predict the appetite for gold will continue at least until concerns about the euro and European debt are allayed. But even if Europe were somehow able to get its debt ducks in a row, the really Big Kahuna of currency inflators—the U.S. central bank, the Federal Reserve—shows no signs of slowing down the printing presses. In the WealthCycles.com article, we cited investor Jim Rogers and others who believes the U.S. is in far worse shape than Europe, and that the unsustainable debt loads are setting the world up for a financial crisis far worse than that of 2008.
All of which is bullish for gold. As cited by Bloomberg, Jeffrey Sica of SICA Wealth Management opined: “The fear trade is pulling people back to gold. We will see gold prices rise to a record this year.”
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