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Gold fever breaks out in new 'bubble game' as Fed prepares a rate cut
By Ksenia Galouchko
Monday, July 39, 2019
A top-ranked strategist at Societe Generale has a plan for clients fretting that a fresh wave of monetary easing will fan a bubble across assets.
Ride the bull until 2020 -- when a U.S. recession and a debased dollar will make gold the perfect doomsday hedge, says Alain Bokobza. It's the latest warning for investors betting that the Federal Reserve will help extend the business cycle with stimulus this week, and a sign of how gold fever is breaking out from London to New York.
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"Gold is the perfect response if you're entering the bubble game," the head of global asset allocation said in an interview in London. "Every time you have such a situation, gold has soared," said Bokobza. His team ranks first among multi-asset strategists in the 2019 Extel survey.
Worrywarts have long clung to bullion as the ultimate store of value in a low-rate world, but the sentiment is growing as the global pile of negative-yielding debt sits near $14 trillion and central banks shift to dovish mode. Exchange-traded funds holding precious metals have taken in around $4 billion this year, while hedge fund Crescat Capital is starting a long-only strategy focused on mining stocks. ...
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