Last Updated :
05 January 2010 at 15:05 IST
Gold: Place to go when you’re scared: Milchan
NEW YORK (Commodity Online): Even though the year 2009 saw billionaires’ wealth rising, many of them are still not sure of the prospects in store for them in 2010.
According to a Forbes survey of billionaires from around the world on topics ranging from global warming and the weakening dollar to the price of
Gold and best places to invest in 2010, no unanimous opinion was there on global economy. Nearly all of the billionaires quizzed a year ago had predicted an economic recovery, but this year’s participants were less unanimous.
The most bullish of the group predicted double-digit stock market gains in the coming year. Time Square tycoon Leon Charney predicted a 12% return in 2010. John Catsimatidis, another American who made a fortune largely in supermarkets and gas stations, concurs, stating that the market has to go up and will probably double over the next seven years. The biggest surprise of 2010? “The market hitting 12,000,” Catsimatidis said.
Others thought the recent recovery would be short-lived and that returns would be minimal. Asked what direction his country’s stock market would move and what returns he anticipated, Canadian David Cheriton quipped, “Sideways at best. So, none or slightly negative.”
The billionaire respondents also gave wildly varying advice when asked about the best asset to own in 2010. All but one who abstained recommended a different investment. Among their picks: high-end art, real estate, distressed debt, cash,
Gold and stocks.
Stanford professor Cheriton, who made his billions from a chunk of Google stock he’d been given by former students Sergey Brin and Larry Page, named the Internet company’s stock as the best asset. The most practical advice came from Pharmaceutical tycoon Randal J Kirk: “The best financial assets for a person to own would be those over which he has peculiar knowledge of expertise”.
While most were gold bugs calling the commodity a buy or hold, two were vocal dissenters. Hollywood producer of such films as Pretty Woman and Marley and Me, Arnon Milchan called it a “place to go when you’re scared; I don’t see gold as a player in a healthy economy”. Concurred Dallas Mavericks owner Mark Cuban, “Gold is a religion; it’s not an asset class. It is always a bubble, so I am a sell”.
(Source: Forbes)
MCX GOLDPETAL 29 February 2012
contract was trading at
Rs 2803 , up Rs. 15 . What's your view on it?
After reading this article, people also read:
