Sam knows it is time to buy gold.
Billionaire Sam Zell Buys Gold: Right Move, Wrong Reason
January 20, 2019
Investment guru Sam Zell is buying gold for the first time. Zell claims “Supply is shrinking.”
Please consider Billionaire Sam Zell Buys Gold for First Time in Bet on Tight Supply.
Gold’s dimming supply prospects have caught the eye of one billionaire.
“For the first time in my life, I bought gold because it is a good hedge,” Sam Zell, the founder of Equity Group Investments, said in a Bloomberg TV interview. “Supply is shrinking and that is going to have a positive impact on the price.”
“The amount of capital being put into new gold mines is a most nonexistent,” Zell said. “All of the money is being used to buy up rivals.”
Zell is correct about capital, about new mines, and about gold being a hedge.
Zell is wrong about supply. The supply of gold increases every month, albeit at a diminishing rate.