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Home Markets Market Extra GET EMAIL ALERTS Paul Tudor Jones is likely making a killing off a timely call last week to buy gold

Billionaire investor Paul Tudor Jones must be rolling in bullion right now.

The famed hedge-fund investor made a notable call last week, citing a cocktail of a dovish Federal Reserve and heightened geopolitical tensions as a perfect time to buy bullion and stocks.

Here’s what the macro trader told Bloomberg Markets in an interview on June 12.

“I think one of the best trades is gonna be gold. If I had to pick my favorite [bet] for the next 12 to 24 months, it’d probably be gold,” he said.

Fast forward to June 21, and gold prices for August delivery GCQ19, -0.08% the most active contract on Comex, was trading at $1,400, its highest level since 2013, as investors continued to buy the asset after the Federal Reserve on Wednesday shifted away from its “patient” stance on monetary policy and signaled that a rate cut could warranted if economic conditions worsen amid the protracted trade tussle between the U.S. and China that has shaken global markets.

Combined with dovish rhetoric from other central banks, signaling that further stimulus could be needed, about a decade removed from the 2008 financial crisis, the intensifying tensions between Iran and the Trump administration added to the search for havens for investors.

Gold hit an early Friday peak at $1,1415.40 an ounce, while the 10-year Treasury note TMUBMUSD10Y, +0.00% also fell below 2%, as investors jumped into the perceived safety of bonds.

Tudor Jones told Bloomberg last week that if gold “goes to 1400, its goes to 1700 rather quickly,” referring the potential for bullion prices to catapult sharply higher.

“It has everything going for it in a world where rates are conceivably going down in the United States and going to zero, it has everything going for it.”

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