Gold Is Hot, Cryptocurrencies Not, According to John Paulson
Research Report

Source: Streetwise Reports (8/30/21)

With inflation on the rise and gold at $1,700 an ounce, now is a good time to invest in gold, the billionaire hedge fund manager said.

Today John Paulson is bullish on gold and bearish on cryptocurrencies, he said during a recent "Bloomberg Wealth with David Rubenstein" interview.

He went on to say that gold, now priced at about $1,700 an ounce, is a good investment. This is because gold performs well during periods of high inflation, and we are in one. The best indicator of this, Paulson said, is the money supply, which was up about 25% last year.

Further, he believes that given the expanding money supply, we are in for worse inflation than predicted, higher than the 2% the Federal Reserve is targeting, he said.

"I think we have inflation coming well in excess of what the current expectations are," he told Rubenstein.

Paulson explained that as inflation rises, investors move their money out of cash and fixed income and into gold. However, the amount of money being moved exceeds the quantity of investable gold, thereby causing a supply-demand imbalance. This inequity causes gold to rise.

As for bitcoin and other cryptocurrencies, Paulson described them as "a limited supply of nothing" and lacking intrinsic value. Despite where they are trading now, eventually they will become worthless, he said, "once the exuberance wears off or liquidity dries up."

"Cryptocurrencies are a bubble," Paulson added. "I wouldn't recommend anyone invest in cryptocurrencies."

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