Veteran money manager Ned Goodman positive on gold
Adam Pike, News Editor
4 Mar 2014, 5:07 p.m.
Ned Goodman, president and chief executive of the Dundee Corporation, believes gold represents an investment of a lifetime. Goodman is also bullish on the wider commodity sector as it provides protection from future inflation.
Interestingly, he believes China is buying as much gold as possible so the Yuan can one day be backed by gold and thereby removing the U.S. dollar as the world reserve currency. Goodman believes if China does return to a classical gold standard the broader commodity sector would benefit for years to come.
Not surprisingly Goodman is negative on stocks and can envisage the S&P falling to as low as 1,200 in 2014.
Goodman has just been appointed to the board of directors at Barrick Gold Corp and plans to open resource based equity fund.