World’s Ultra Wealthy Urged By Financial Advisers and Largest Banks to “Hold More Gold”

World’s wealthy are being urged by their financial advisers to hold more gold as they question the strength of the stock market rally and are concerned about the long-term impact of global central banks’ cash splurge.

from GoldCore

ZURICH /LONDON (via Reuters) – As stock markets roar back from the coronavirus led rout, advisers to the world’s wealthy are urging them to hold more gold, questioning the strength of the rally and the long-term impact of global central banks’ cash splurge.

Before the COVID-19 pandemic, most private banks recommended their clients hold none or just a tiny amount of gold.

Now some are channelling up to 10% of their clients’ portfolios into the yellow metal as the massive central bank stimulus reduces bond yields – making non-yielding gold more attractive – and raises the risk of inflation that would devalue other assets and currencies.

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