Given the obvious risks associated with fiat currencies, geopolitics, inflation and the general instability of market structure there seems to be a place in most portfolios for some gold.
While I admit to the problem of valuing the intrinsic value of precious metals, the recent price decline may have improved the “margin for safety” and the upside reward v downside risk of this “hedge.”
I have long thought that (as Howard Marks has stated) — gold is like religion, you either believe in god/gold or not.
That about sums up my view – I am not tied to the hip with precious metals but I can see getting some exposure.
Doug Kass is a world-renowned hedge fund manager with decades of experience and success navigating through some of the most turbulent periods in market history. He is known for his time-tested analytical skills and ability to look past the current noise and herd mentality.
On TheStreet Pro, Kass provides frequent market commentary and investing ideas for active investors throughout each trading day in Doug’s Daily Diary. He also serves as president of Seabreeze Partners Management Inc. Previously, he served as a senior manager at Omega Advisors, a $6 billion investment partnership. He co-authored a book with Ralph Nader and the Center for the Study of Responsive Law called “Citibank: The Ralph Nader Report” and can be found as a guest host on CNBC's "Squawk Box."
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