Billionaire Mark Cuban admitted Thursday that wild market movements have left him "confused." But he has placed a bet on gold — a so-called "safe haven" asset — as investors rush to the precious metal.
Cuban said earlier Thursday that he bought "a lot" of call options on gold. He noted he did not think gold was a hedge, but that people looking for momentum would push the price of the metal higher.
"I think people are so confused about this market. Nobody really understands what's happening, including me. So, things that I thought made sense didn't make sense and weren't working. ... When traders don't know what to do, they go where everybody is. And I thought that would be gold," Cuban told CNBC's "Fast Money: Halftime Report."