Three Wise Men

Stanley Druckenmiller officially joined the unabashed gold bull club this week, when it was revealed Duquesne Capital has $300m invested in the precious metal. In so doing, Druckenmiller joins Ray Dalio and Jean Marie Eveillard as a fan of the yellow metal, with Dalio famously stating that the only people who don't own gold know neither history nor economics. Eveillard, whose First Eagle Global Fund more than tripled the performance of the MSCI World over the past 35 years, has also spoken of the importance of owning gold, stating that it above all other investments is the one asset every investor should own. It remains the largest individual position in Global Fund, as their latest portfolio holdings report will attest. This week all three would have been satisfied with the return on the markets least favourite asset class, with USD gold up nearly 4% as equity volatility, a USD correction and some short covering combined to propel prices higher YTD, AUD Gold is up 10%, on track to once again outperform the stock market. (VIEW LINK)