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Fund manager Singer wonders why gold 'can't catch a bid'
8:17p ET Wednesday, October 14, 2015
Dear Friend of GATA and Gold:
If, as Bloomberg News reports today, as appended here, fund manager and gold advocate Paul Singer really finds it "surprising that gold can't catch a bid," your secretary/treasurer would dearly love 20 minutes with him to present documentation that might explain why what happens with gold is so counterintuitive, documentation summarized and linked here:
http://www.gata.org/node/14839
If you have any contact with him or his shop, please pass this along.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
Billionaire Singer Lauds Gold as Central Banks Aid Recovery
By Yaacov Benmeleh
Bloomberg News
Wednesday, October 14, 2015
As central bankers prop up bond and stock markets with near-zero interest rates and bond purchases, gold is being overlooked, according to Elliott Management's Paul Singer.
"In a world where the value of paper money is affirmatively aimed at being degraded by central bank policy, it's kind of surprising to me that gold can't catch a bid," the billionaire and member of Bloomberg Markets 50 Most Influential said at the SOHN Investment Conference in Tel Aviv on Wednesday. "I like gold. I believe it's under-owned. It should be a part of every investment portfolio, maybe 5 to 10 percent."
Singer criticized monetary policy makers for a staggered economic recovery from the 2008 financial crisis, and what he called the "cult of central banking" in which investors turn to regulators such as Janet Yellen and Mario Draghi to solve the ills of the global financial system. And while those policies have "levitated" bonds and equities, Singer said he is surprised by how few investors he meets own gold. ...
Singer said he prefers to hold options on gold to maximize the upside when it "feels like something institutional investors need to own," adding that "the supply of gold cannot be radically expanded in a short period of time." ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-10-14/billionaire-singer-lau...
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