Gold will hit $1,900 this year, predicts legendary investor Byron Wien, vice chairman of Blackstone Advisory Partners, in a Jan. 31 CNBC interview.
"I'm not a commodities speculator. I buy gold as an insurance policy against calamity in financial assets. If the market is turbulent, if the VIX goes up, I think you're going to be glad you own gold. I have a 5% position in gold. I don't own it because I think it's going up. I own it because if my financial assets get into trouble, I'm going to be glad I have a little insurance in the form of gold. ... The dollar is the reserve currency, and it's being debased by the Federal Reserve. But so is the euro being debased by the European Central Bank, and so is the yen by the Bank of Japan. So it's a currency war of competitive devaluations. And I think the dollar will pretty much hold its own against the yen and the euro this year, even though the Fed is debasing it, because the other central banks are doing the same thing."
"I'm not a commodities speculator. I buy gold as an insurance policy against calamity in financial assets. If the market is turbulent, if the VIX goes up, I think you're going to be glad you own gold. I have a 5% position in gold. I don't own it because I think it's going up. I own it because if my financial assets get into trouble, I'm going to be glad I have a little insurance in the form of gold. ... The dollar is the reserve currency, and it's being debased by the Federal Reserve. But so is the euro being debased by the European Central Bank, and so is the yen by the Bank of Japan. So it's a currency war of competitive devaluations. And I think the dollar will pretty much hold its own against the yen and the euro this year, even though the Fed is debasing it, because the other central banks are doing the same thing."
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