JPMorgan’s global Chief Investment Officer (CIO), said todays precious metals flight shows retail investors have more confidence in gold than paper money.
His comments were made during an appearance today on CNBC’s “Squawk Box” where he said rhetorically “gold at $1,200 an ounce, what does that tell you? It tells you that in a flight to quality and a safe haven, people have more confidence in gold than in bank deposits or paper money. I think things have gotten out of control.”
Michele’s comments were in response to Gold’s surge to its highest level since 2014, reaching $1264.00 an ounce before eventually stabilizing at the current price of $1244.00, up $46.60 (+4.15%) from market open.
CNBC noted that the Gold surge was also facilitated by heavy pressure against the U.S dollar from the Japanese yen rising to 15 month highs, resulting in a lower dollar for foreign currency holders to purchase the precious metal.
As CIO, Michele serves as the global head of JPMorgan’s fixed income, currency and commodities group, assets of which are valued at $1.7 trillion.
Source: Trunews
