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Billionaire Singer Says Gold Is "Under Owned" and "Only Real Money"

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Billionaire Singer Says Gold Is "Under Owned" and "Only Real Money"

“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 yesterday.

Paul Singer, billionaire and chief executive officer of Elliott Management Corp.
(Photographer: Chris Ratcliffe/Bloomberg)

As reported by Bloomberg, Singer took aim at 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” bond and equities, gold remains depressed and Singer is surprised by how little the investors he meets with own gold.

“I like gold. I believe it’s under-owned. It should be a part of every investment portfolio, maybe five to ten percent.”

Singer previously noted at this year’s Ira Sohn conference that 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.”

Singer warned in August of 2014 of the “global monetary delusion” that would lead to higher gold prices – provided gold owners are patient.

“Although the levitation of financial assets has yet to levitate gold, we will grit our collective teeth on that score and await either ‘asset price justice’ or the ‘end times,’ whichever comes first.”

The “smart money” and by that we mean the more informed, aware and prudent investors and institutions internationally continue to have an allocation to gold and or add to existing allocations. The less informed continue to not understand or disparage gold and focus almost solely on gold’s short term price action rather than gold’s long term attributes as a hedging instrument and a safe haven asset.


DAILY PRICES

Today’s Gold Prices:  USD 1183.35, EUR 1034.08 and GBP 764.16 per ounce.
Yesterday’s Gold Prices:  USD 1173.70, EUR 1028.52 and GBP 764.78 per ounce.
(LBMA AM)

IMPORTANT NEWS

Gold Comes Back to Life as Prices Exceed 200-Day Moving Average – Bloomberg
Gold near 3-1/2-month high on bets Fed to delay rate hike – Reuters
Gold Analysts Split on Fed View as Rate Doubts Spur Volatility – Bloomberg
Dollar weakness drives gold prices, base metals hold up in high ground – The Bullion Desk
American Eagle Silver Bullion Allocation Steady at 1 Million Ounces This Week – Coinupdate.com

IMPORTANT ANALYSIS

Billionaire Singer Lauds Gold as Central Banks Aid Recovery – Bloomberg
Trader who called the gold breakdown now sees this – CNBC
Gold Soars Into Green Year-To-Date, Breaks Above Key Technical Level – ZeroHedge
Hooray! Huge Rent Hikes Coming; How Will It Affect Price Inflation? – Mish’s Global Economic Trend Analysis
Vladimir Putin condemns US for refusing to share Syria terror targets – The Telegraph

Read more News & Commentary on GoldCore.com


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Thu, 10/15/2015 - 21:08 | 6673619 funkyfreshgiggity
funkyfreshgiggity's picture

I tell ya' whut; monopoly money be wo'd mo'e dan gold. Gold kin't buy ya' groceries o' video games. At least monopoly money kin buy ya' bo'dwalk.

Thu, 10/15/2015 - 20:40 | 6673513 S.N.A.F.U.
S.N.A.F.U.'s picture

Only read the title.

How can gold be "underowned"?  Isn't pretty much all of it (that's been dug up anyways) "owned"?  (I'll gladly take any that isn't!)  In fact, isn't a lot of gold "owned" about 200 times over through all of the paper?  Gold is clearly OVER-owned.

Now, the fraction of the population that has even an ounce of physical - that's another story.

Thu, 10/15/2015 - 19:54 | 6673366 DocBarter
DocBarter's picture

Paul Mcartney says buy gold!

Thu, 10/15/2015 - 17:57 | 6672964 ali-ali-al-qomfri
ali-ali-al-qomfri's picture

why didn't he open his mouth at $1100/oz?, why all of a sudden? suspicious.

Thu, 10/15/2015 - 13:43 | 6671779 lasvegaspersona
lasvegaspersona's picture

Fofoa has the only gold story I trust. The outline provided by Another and FOA, while not fully flushed out, do give an accounting of the gold world that make sense. Every other story requires a belief in a deep conspiracy and an evil heart at the center of it all.

Fofoa may be wrong but, for now, his version makes the most sense to me.

Thu, 10/15/2015 - 20:12 | 6673425 dot.dot
dot.dot's picture

@ Vegas

 

FOFOA's theories are very compelling.  However, I do not feel his theories would compell one to think the POG is an honest market assesment and not deeply manipulated. 

I'm curious, do you subscribe to his paid site?  If so, is it worth the price of admission?

Thu, 10/15/2015 - 15:35 | 6672329 Womb Service
Womb Service's picture

FOFOA is a statist. His position on Silver is ludicrous.

 

"Every other story requires a belief in a deep conspiracy and an evil heart at the center of it all."

Yes. Get a clue.

Thu, 10/15/2015 - 13:38 | 6671750 TheObsoleteMan
TheObsoleteMan's picture

When billionaires are saying the kind of things that this guy is, you should understand why. If gold is ever monetized again {and God help us if it ever is}, all that would happen would be that the ultra rich would buy it up, and control the money supply all over again, except this time it would be total control. All of you gold bugs better wise up and get a friggn' clue. The video is a great 10 minutes of information, but if you just have to, fast forward to the 8:36 point.

 

https://www.youtube.com/watch?v=WVlqwJ00LMU

 

 

Thu, 10/15/2015 - 13:46 | 6671795 lasvegaspersona
lasvegaspersona's picture

If you want a view of the role of gold in the coming monetary system, look at the newest large currency...the Euro.

Gold is held as a reserve and is marked to market.

If you grasp the significance of that you will have a much better view of the future of gold in the monetary system.

Thu, 10/15/2015 - 14:15 | 6671924 CarpetShag
CarpetShag's picture

Held where and by whom? Ask Germany.
"Gold and gold receivables".

Thu, 10/15/2015 - 21:18 | 6673649 willwork4food
willwork4food's picture

He's not wrong. The elite have stored mountains of gold with the illegal manipulation of prices. How can anyone here at ZH say that a gold based currency will be an end to the misery? We need a basket of commodities, currencies and a free market.

Thu, 10/15/2015 - 21:54 | 6673763 kenny500c
kenny500c's picture

You are right, gold is knocking on $1200. Can't catch a bid? $1900 was a spike but we will eventually get back there.

Thu, 10/15/2015 - 12:39 | 6671514 decon
decon's picture

The guy is correct on gold but jeez, his mother must have been a naked mole rat.

Thu, 10/15/2015 - 12:10 | 6671397 lunaticfringe
lunaticfringe's picture

If everyone hates gold, how come I gotta pay 1200 for it? I've been waiting for 300 so I could back the truck up and get an ounce or two. 

Thu, 10/15/2015 - 11:06 | 6671106 Occams_Razor_Trader
Occams_Razor_Trader's picture

I thought it was an article about Dr. Dre?

Thu, 10/15/2015 - 10:18 | 6670932 dontgoforit
dontgoforit's picture

The Zionist try to stay out of the limelight, mostly, unless it favors their position to step out of the dark, however briefly.

Thu, 10/15/2015 - 10:24 | 6670965 roddy6667
roddy6667's picture

Like cockroaches, they run from the light.

Thu, 10/15/2015 - 21:10 | 6673626 willwork4food
willwork4food's picture

as they scream to everyone that you are a Jew-hater.

Thu, 10/15/2015 - 09:50 | 6670794 gaoptimize
gaoptimize's picture

I've never heard of him, his band, or any of his songs.  How can he be a billionaire singer?

Thu, 10/15/2015 - 18:06 | 6673009 lostintheflood
lostintheflood's picture

i thought they were talking about springsteen...

Thu, 10/15/2015 - 20:46 | 6673541 Montani Semper ...
Montani Semper Liberi's picture

My first thought was Buble.

Thu, 10/15/2015 - 10:28 | 6670985 roddy6667
roddy6667's picture

He's not even on this list. I call bullshit.
http://www.therichest.com/top-lists/top-100-richest-musicians/

Thu, 10/15/2015 - 10:17 | 6670923 Tinky
Tinky's picture

Of course you haven't heard of him – he sang using the stage name Vanilla Ice, prior to re-focussing his attention on the markets.

Thu, 10/15/2015 - 10:05 | 6670871 DLux
DLux's picture

Is he Canadian?

Is he a miner for a heart of gold?

https://youtu.be/Eh44QPT1mPE

Do NOT follow this link or you will be banned from the site!