Money managers under the microscope
Gold – “the most dangerous asset”
A controversial call from hedge fund veteran Alan Miller.
The ex-New Star CIO, now a partner at Spencer-Churchill Miller Private, warns that the most dangerous asset to buy is gold, which is near a 3-week high of $1,128 an ounce.
“I realise that I will be burned at the stake for being a heretic but the most dangerous asset must be gold,” he writes.
“It has received huge speculative buying by individuals/funds who have never invested in it before (a very dangerous sign), creating an almost unprecedented price hike.
“The most dangerous words one can hear in investment are ‘it’s different this time’, as nearly every time it isn’t! And this is what all the gold bulls seem to be saying about gold at present.”