In Nervous Market, Gold Gains Respectability

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"The metal has become the insurance policy of choice for many sophisticated investors."

The New York Times, Geraldine Fabrikant

Byron Wien, the investment strategist, has been forecasting the future for decades. But this is the first year that he has officially recommended gold in his model portfolio.

And at the beginning of this month, Mr. Wien, vice chairman of Blackstone Advisory Partners, said he was maintaining his 5% allocation to gold for next year.

The metal has become the insurance policy of choice for many sophisticated investors. Even among those who were never gold bugs, there is now a belief that it has its place in a portfolio.

Mr. Wienís view comes despite the fact that gold, which was up 29.5% in 2010, was up an additional 20.7% at the end of October of this year, according to Mr. Wienís most recent reportónearly double the increase for real estate, the second-highest increase among Mr. Wienís recommended asset classes. . . View Full Article

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