Buying Gold now is prudent, says fund manager
A prominent investor has suggested that now is the perfect time to Buy Gold, Bloomberg reports.
The yellow metal has risen by about 18 percent so far this year, while the dollar - which tends to trade in the opposite direction - has contracted by 5.8 percent against the euro.
Paul Tudor Jones, whose Tudor Investment Corporation manages approximately $11.6 billion, explained that snapping up gold will provide a hedge against future inflation.
"Gold is just an asset that, like everything else in life, has its time and place. And now is that time," he said in a recent letter to investors, according to the news provider.
Those comments were strongly corroborated last week by Philip Gotthelf, president of Closter, New Jersey-based firm Equidex Brokerage Group.
Speaking to Bloomberg, he noted that there is every chance of Gold Prices rising to about $1,250 per ounce by the end of the year.
"Gold has been pushing higher because it's no longer just a hedge against commodity inflation, it's also a hedge against a change in world-monetary standards," he told the news provider.
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