(Bloomberg)-According to billionaire hedge-fund manager John Paulson, the central bank will continue to buy gold in a push to get away from paper currencies between political and economic turmoil.
One of the largest bullion fans on Wall Street, Paulson says that the investors run to escape from American shares, bonds and dollars as the precious metal is “going to a new level of evaluation”, while an extended global business war puts a shadow on the economic approach.
Paulson said in an interview, “The trend will continue, and the work of that trend will depend on political development.” Gold first cut interest rates after repeated calls on the US Federal Reserve to reach the top of $ 3,500 an ounce for the first time on Tuesday.
The founder of Paulson and Company Inc. has long given his priority to sleep and has invested heavily in mining firms through his family’s office. The Financer on Tuesday, along with the Novold Resources Inc., stated betting on major conditions for major projects in the US in the US under Trump Administration, to buy a 50% stake for $ 1 billion in an Alaska Gold Project of Barrical Gold Corp.
This year the bullion is about 30%, which is better than almost every other major asset class. Paulson said that one of the bounce of buying from central banks is what is happening to increase the speed of bullion price.
He said, “The primary driver of the demand for gold was trying to diversify the central banks as a reserved currency and diversify the gold,” he said. “I don’t think it’s going to change.”
-With help from Liana Baker.
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