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Business Insider: Legendary Investor Calls for Gold to Surge 20% This Year

Business Insider: Legendary Investor Calls for Gold to Surge 20% This Year

By: Christine von Liederbach
January 14, 2022
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Article by Harry Robertson in Business Insider

Legendary investor Byron Wien has predicted that gold could make a surprise 20% surge this year as investors flock to the yellow metal for protection against inflation and market volatility.

The vice chair of investment giant Blackstone’s private wealth solutions group said he thinks gold may well reclaim its title as a safe-haven asset, writing in his closely watched annual Ten Surprises newsletter.

To support his call, Wien said new billionaires are likely to invest in gold, despite cryptocurrencies such as bitcoin becoming increasingly seen as an alternative store of value.

Many investors have long touted gold as a hedge against inflation. They argue the commodity holds its value over the medium to long term, even as price rises erode the value of other assets.

Wien, who was chief US investment strategist at Morgan Stanley for two decades, said this downtrend should come to an end in 2022.

His prediction for a 20% rise would take gold to a record high of more than $2,160 an ounce.

“Despite strong growth in the US, investors seek the perceived safety and inflation hedge of gold amidst rising prices and volatility,” Wien said.

“Gold reclaims its title as a haven for newly minted billionaires, even as cryptocurrencies continue to gain market share.”

They also expect inflation to average 4.5% in 2021, as wages and rents continue to rise.

Last year, JPMorgan said ……

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Although the information in this commentary has been obtained from sources believed to be reliable, The Gold IRA Company does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. The Gold IRA Company will not be liable for any errors or omissions in this information nor for the availability of this information. All content provided on this blog is for informational purposes only and should not be used to make buy or sell decisions for any type of precious metals.


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