The gold price failed to keep the position above 2,000 US dollars is disappointing; however, the "king of commodities" Gatman (
Gartman) Gold is still an attractive asset of hedging.
Gatman said in his latest investment letter that as the chairman of the Investment Council of the Aklen University Foundation, Gold's performance in the investment portfolio is better than other precious metals.He pointed out that Harvard's donation fund reduced its holdings by 3%two years ago and invested it in gold.
He said: "As of today, GLD has increased by 15.7%at the same time, while the Russell 2000 index fell about 18.9%in the same period."
He also suggested that the fund increased the amount of gold to 5%of the investment portfolio.
In his personal investment, Gatman reiterated his bullish position on gold and US Treasury bonds.He added that he also had a long -term short -term stock market.
"80.6%of my investment portfolio is two -year Treasury bonds, and 2.2%is cash. 6.4%of my investment portfolio is shorted through derivatives. 10.8%of gold is made through GLD and GDX. The focus is on the latter.,"He said.
As Gatman is optimistic about the gold prospects, the price of gold is trying to regain the heel above 2,000 US dollars.Due to the market's expectations of the Fed's currency policy began to change, the price of gold fell sharply last week, down to two weeks.
The market has almost digested the expectations of 25 basis points of the monetary policy meeting next week.At the same time, the market is postponing the first potential interest rate cut after summer.
In the major regional banks in the United States and Credit (Credit
SUISSE) After the closure last month, the market's concerns about the banking industry eased, and the gold market also appeared
Some profit vomit.
Gatman said that despite the weakening of concerns, the crisis of the banking industry was not over.
He said: "As the deposit is lost from small and medium -sized banks with the uneasy scale and speed, and the Morgan Chase, Bank of America, and even Wells Fargo, which have flowed into the country, the centralization of" breaking the conventional 'and the banking system is being nationwide across the country.These are the fundamentals of the eagle faction, and I think this is a serious problem. "
As for the next potential economic crisis, Gatman said that commercial real estate feels that the impact of high interest rates is only a matter of time.
Although the price of gold is expected to remain high in 2023, this precious metal may not be ready to break through the new high.He said that despite the increasing economic risks, the Fed's eagle position has always been clear.
He said: "I have always insisted that although the recent banks and capital markets have become turbulent, the" steering 'interest rate reduction in the Federal Reserve will still be postponed for one year or longer. "
