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“To me gold is a psychological commodity,” Ross, head of WL Ross & Co. told CNBC.
“It’s not really an industrial commodity. There’s plenty of gold producible, especially at these prices. So it’s really a momentum trade on a global scale rather than anything that has intrinsic value.”
“Part of the reason that you’ve seen the kind of increases in the price of gold is the fact that if you really step back from the world, almost universally and in tandem, the paper currencies of the world have been devalued,” he told CNBC
Discussing the future of commercial real estate, with Wilbur Ross, WL Ross & Co.; Sam Zell, Equity Group Investments; Richard LeFrak, The LeFrak Organization; and the Squawk Box team.
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” recommends investing in real estate and commodities, but he tells Dan Mangru of Newsmax TV that silver is now his top investment.
“If you’re afraid of inflation, which you should be, I would think silver is the No. 1 investment today.” “To protect against inflation, do what the Chinese are doing,” he says. “The Chinese are buying commodities: copper, oil, gold, silver, land.” Kiyosaki also tells Mangru why he likes real estate, “I like real estate for one reason: debt.”
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