Steven Leuthold is Buying Gold
The Wall Street Journal via Commodity Trade Alert reports that several mutual funds have begun buying gold to protect their investors from a currency devaluation.
Amongst these new gold bulls is Steve Leuthold. “I didn’t own gold before, but when I heard Washington talking about a new economic stimulus, I changed my mind,” said the head of Leuthold Core Investment fund, which began buying bullion three months ago. Gold now makes up 2% of the $1.4 billion in the wide-ranging fund, whose positions include airline, bank and tech stocks. “This is insurance in case the house burns down.”
Source:
Commodity Trade Alert
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