$1,700 Gold Soon Says Billionaire

Written by Staff Writer

Gold BullionGold Price Going To $1,700 Soon Says Billionaire Paul Tudor Jones -Bloomberg/Kitco
"Another billionaire investor is sounding the alarm for the U.S. and global economies and is looking at gold as the safe-haven play. In an interview with Bloomberg News, Paul Tudor Jones, fund manager and create of Tudor Investment Corp., said that his favorite trade in the next 12 to 24 months is gold.

He added that if the price can break through $1,400 it will push to $1,700 an ounce 'rather quickly.' '[Gold] has everything going for it,' he said. During the interview Jones said that the global economy, which has been built on global trade, is on the verge of breaking down as global trade tensions continue to escalate. He said that President Donald Trump's recent threat of further tariffs on $300 billion of imported Chinese goods could be the 'material event,' that could push the U.S. economy into a recession....'We've had 75 years of expanding globalization and tradeā€¦ and now all of a sudden it's stopped,' he said. 'That would make one think that it's possible we go into a recession; it would make one think that rates in the United States go back down to the zero bound level; gold in that situation is going to scream. [Gold] will be the antidote for people with equity portfolios.' Jones' comments come as gold prices hold on to recent gains and is seeing its best weekly performance in a year."