Billionaire Investors Back A Gold Price Rally In 2016

by James Stafford, oilprice.com:

It wasn’t so long ago that some of the more famous investor gurus were shrugging off gold as nothing more than shiny trinkets with no investment value. They were wrong. This safe haven is back, the recovery is clear, and there have been some very big changes of heart.

The biggest gold producers in the world have seen their share prices double this year. Not only are gold prices soaring, but producers are cutting costs and slimming down debt as they pave the way for gold to return to the top of the favored commodities list.

Even though gold dropped earlier in May, Thompson Reuters noted that shares outstanding for two major ETFs tracking gold rose 11 percent, and precious metals ETFs enjoyed four straight weeks of inflows in May. A ton of money is moving around here.

And thanks to an overvalued U.S. dollar, gold may have nowhere to go but up.

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