Gold has a chance to be an interesting investment in the coming year, says Blackstone investment luminary Byron Wien:
That is how the veteran investor, whom U.S. News & World Report[1] report described as a modern-day cult figure on Wall Street and one of the most influential investors, described the outlook for the yellow metal in the coming 12-month stretch, during a CNBC interview, ahead of the release of his well-read list of market surprises.
Wien didn’t provide further clarity on his gold estimates or the precise direction of gold trading in 2020.
However, his comments came as the precious commodity was on pace to enjoy one of its strongest daily gains since late November and its highest finish since early last month, rising past a psychologically significant level above $1,500 an ounce. Gold for February delivery GCG20, +1.05%[2] was most recently trading up $14.20, or 1%, at $1,503.10 an ounce on the Comex exchange.
Gold has gained 17.3% so far this year, based on the most active contract, according to FactSet data. That is a relatively healthy run-up for the metal considering that stocks, which tend to move in the opposite direction of gold, have been trading near all-time highs.
Indeed, the Dow Jones Industrial Average DJIA, -0.13%[3] has gained 22.3% so far in 2019, the S&P 500 index SPX, -0.02%[4] ...