Buy Gold ‘At Any Level,’ Mobius Says as Central Banks Cut Rates - Bloomberg

Buy Gold ‘At Any Level,’ Mobius Says as Central Banks Cut Rates - Bloomberg:




Veteran investor Mark Mobius gave a blanket endorsement to buying gold, saying accumulating bullion will reap long-term rewards as leading central banks loosen monetary policy and the rise of cryptocurrencies serves only to reinforce demand for genuinely hard assets. Prices climbed.

“Gold’s long-term prospect is up, up and up, and the reason why I say that is money supply is up, up and up,” Mobius, who set up Mobius Capital Partners LLP last year after three decades at Franklin Templeton Investments, told Bloomberg TV. He added: “I think you have to be buying at any level, frankly.”

Gold hit a six-year high this month on prospects for easier monetary policy from the Federal Reserve and other central banks to support growth that’s been impacted by the prolonged trade war between the U.S. and China. With the U.S. Treasury market signaling that a recession may be on the horizon, investors have been swarming into bullion-backed exchange-traded funds.