Billionaire Kaplan Is a Gold Mega-Bull
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Gold is continuing to soar to record levels, but billionaire Thomas Kaplan may be positioning himself to benefit from from the rush on the precious commodity more than most, as he oversees his empire based almost entirely on the rising metal, reported in an article from the Wall Street Journal.
Kaplan, 47,a New York-born commodities manager has placed more of a bet on gold than perhaps any other investor. Along with his firm, Tigris Financial Group, he has put the majority of his wealth into gold and other precious metals.
Kaplan's bet comes from his view on the instability in the global economy setting up to breed a increasing demand for gold.
Tigris has bought up gold locations in various countries on five continents, where Kaplan has teams of geologist looking for more and more gold. The firm has also invested in several mining companies, even those that have yet to uncover a single ounce of the precious metal.
Kaplan has not disclosed the exact amount of physical gold he owns currently, but combined, his holdings total nearly $2 billion bet on gold.
"I've reached a point where I feel the only asset I have confidence in is gold," Mr. Kaplan said in an interview quoted in the Journal.
The move to gold portrays global concerns tha heavy government spending has not put a seal on the crisis in the worldwide banking system. On May 12, gold hit an exchange record of $1,242.70 on the same day that officials in the European Union announced that it would provide a near $1 trillion bailout package to troubled nation in the euro zone.
"You've got a perfect storm with no apparent solution," Kaplan said. "If the world does well, gold will be fine. If the world doesn't do well, gold will also do fine … but a lot of other things could collapse."
On Monday, gold is up $19.30 to $1195.60.
Ways to play gold:
ETFs:
Leverated ETFs:
Stocks:
Kaplan, 47,a New York-born commodities manager has placed more of a bet on gold than perhaps any other investor. Along with his firm, Tigris Financial Group, he has put the majority of his wealth into gold and other precious metals.
Kaplan's bet comes from his view on the instability in the global economy setting up to breed a increasing demand for gold.
Tigris has bought up gold locations in various countries on five continents, where Kaplan has teams of geologist looking for more and more gold. The firm has also invested in several mining companies, even those that have yet to uncover a single ounce of the precious metal.
Kaplan has not disclosed the exact amount of physical gold he owns currently, but combined, his holdings total nearly $2 billion bet on gold.
"I've reached a point where I feel the only asset I have confidence in is gold," Mr. Kaplan said in an interview quoted in the Journal.
The move to gold portrays global concerns tha heavy government spending has not put a seal on the crisis in the worldwide banking system. On May 12, gold hit an exchange record of $1,242.70 on the same day that officials in the European Union announced that it would provide a near $1 trillion bailout package to troubled nation in the euro zone.
"You've got a perfect storm with no apparent solution," Kaplan said. "If the world does well, gold will be fine. If the world doesn't do well, gold will also do fine … but a lot of other things could collapse."
On Monday, gold is up $19.30 to $1195.60.
Ways to play gold:
ETFs:
- iSPDR Gold Shares (NYSE: GLD)
- iMarket Vectors Gold Miners ETF (NYSE: GDX)
- iETFS Physical Swiss Gold Shares (NYSE: SGOL)
- iMarket Vectors Junior Gold Miners ETF (NYSE: GDXJ)
- iShares COMEX Gold Trust (NYSE: IAU)
Leverated ETFs:
- iPowerShares DB Gold (NYSE: DGL)
- iProShares Ultra Gold (NYSE: UGL)
- iProShares UltraShort Gold (NYSE: GLL)
Stocks:
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