Billionaire investor Sam Zell, one of the wealthiest men in America, has never bought gold in his career. Until now.
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Zell, 79, says he’s snapping up gold because he sees inflation rising across the economy.
“Oh boy, we’re seeing it all over the place,” Zell told Bloomberg Television. “You read about lumber prices, but we’re seeing it in all of our businesses. The obvious bottlenecks in the supply chain arena are pushing up prices. It’s very reminiscent of the ‘70s.”
It’s a huge change of opinion for the investor who made his fortune in real estate and now has an estimated net worth of more than $4 billion. Zell has long been a critic of the precious metal, partly because it pays no interest.
“It feels very funny because I’ve spent my career talking about, ‘Why would you want to own gold?’” said Zell who worries the United States and other nations are now printing far too much money, which is undermining the value of their currencies. “When you see the debasement of the currency, you say, what am I going to hold on to?” Zell added.
The U.S. Federal Reserve Bank is actively encouraging an increase in inflation, hoping it will temporarily rise above the central bank’s two percent target. But Zell believes, as an investor, that he needs to be prepared for higher inflation that will not be temporary, and so he is piling into gold.
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