Tags: Gold | Safe | Haven | Decade

Money Manager: Gold to Remain Best Safe Haven in Next Decade

By    |   Friday, 04 Jun 2010 02:06 PM

While the dollar may be the major beneficiary of Europe’s debt crisis for now, gold will remain the top safe haven in the long run, says Jerry Castellini, president of CastleArk Management.

That’s because loose fiscal and monetary policy will hurt both the dollar and the euro, he maintains.

“Over the next five to 10 years, the likelihood of currency debasement in the United States, Europe and other places is much higher than it has been at any time over the last 30 years,” he told CNBC.

“That’s the risk that most investors don’t have an easy way to offset in their portfolio, and gold is the real direct way to play that.”

The precious metal hit a record high above $1,249 last month, but it has further to go, Castellini says.

With stock and bond markets increasingly volatile, gold presents an attractive alternative, he says.

“There’s no question that gold is a better diversifier among asset groups. Commodities in general behave better in down (stock and bond) markets.”

Supply-demand factors also buttress gold, with production costs high and demand strong from central banks such as India’s, Castellini says.

He’s not the only gold bull.

The global debt crisis could send the precious metal up to $3,000 an ounce, says Ambrose Evans-Pritchard, international business editor of London’s Daily Telegraph.

“I have always liked gold,” he told Newsmax.TV Money.

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While the dollar may be the major beneficiary of Europe s debt crisis for now, gold will remain the top safe haven in the long run, says Jerry Castellini, president of CastleArk Management. That s because loose fiscal and monetary policy will hurt both the dollar and the...
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2010-06-04
Friday, 04 Jun 2010 02:06 PM
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