“Gold will spend most of next year over $2,000 an ounce,” he said.
Investors have been flocking to gold as a safe-haven play, amid global uncertainties and worries over a possible recession in the U.S. The precious metal reached another record highearlier Monday,near $1,900 an ounce. Gold prices have rallied about 17 percent this month, and more than 50 percent year-over-year.
Sacks advised investors to take positions in gold options and spreads, which will provide protection if gold happens to see a violent correction.
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No immediate information was available for Sacks or his firm.