Elliott's Singer: Hold Gold

Oct 14 2015 | 10:00am ET

(Reuters) - Every institutional portfolio should be 5-10 percent invested in gold to protect against zero interest rates that are degrading the value of paper currency, Elliott Management Chief Executive Paul Singer said on Wednesday.

Gold was the one tradable asset that has been "treated unfairly", he said at the Sohn Investment Conference in Tel Aviv, adding that his fund holds gold through options.

"Gold is the only real money," Singer said. "Gold would do well if people felt they needed some real asset to protect against inflation, government policy and/or diversification from stocks and bonds."

Singer said that seven years after the outset of the global financial crisis, governments had not yet enacted pro-growth policies, leaving central banks to run the global economy.

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