G&G Associates Tax & Financial Consulting
A Billionaire Goes All In On Gold
by Lam Pleven and Carolyn Cui
Hotep (Blessings) G&G Readers,
I don’t think I need to say much, but I have been telling e-mail readers for almost 3 years now to buy Gold & Silver. If you don’t listen to me, maybe you’ll listen to a billionaire.
Though he won't disclose how much physical gold he owns, Mr. Kaplan, who is 47 years old, controls up to 30% of the shares in some so called junior miners. Together, his holdings amount to a nearly $2 billion bet on gold, more than the Brazilian central banks bullion is currently worth.
''I've reached a point where I feel the only asset I have confidence in is gold ''Mr. Kaplan said in an interview at Tigris midtown Manhattan headquarters.
Mr. Kaplan's views are shaped by a concern, shared by many investors, that heavy government spending hasn't contained the woes facing the financial system. Gold hit an exchange record of $ 1,242.70 a troy ounce at the Comex division of the New York Mercantile Exchange on May 12, days after euro-zone leaders announced a nearly $1 trillion bailout for ailing member states.
He has experience with how supply and demand and can drive the price of raw materials. His doctoral thesis studied Britain's involvement after World War II in Malaysia, home to prized rubber and tin. That taught him how far people and governments will go to secure natural resources.
Wanting to apply his insights, he went to Israel to advise hedge funds. His nose for finding valuable resources was developed at firms he started that explores for silver and natural gas, which helped him make his fortune.
On Demand and Supply
Gold miners are struggling to make major discoveries and it takes years to bring a new find into productions. If people want to stock up on gold & silver in hurry, it will be hard to ramp up production enough to satisfy them, Mr. Kaplan believes.
''You've got a perfect storm with no apparent solution, ''he said. ''If the world does well, gold & silver will be fine. If the world doesn't do well, gold & silver will also do fine...but a lot of other things could collapse.''
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