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Crazy rich Asians advised to increase gold holdings amid market turmoil
Asia’s Super-Rich Advised to Add More Gold to Their Portfolios to Protect Assets Amid Storms Pounding Equity Markets
By Louise Moon
South China Morning Post, Hong Kong
Wednesday, September 5, 2018
Advisers to Asia's super-rich think their clients should put more of their money into gold, taking advantage of price declines to buy the yellow metal amid volatile global markets and U.S.-China trade tensions, a new report says.
A survey of these advisers found a preference for gold holdings amounting to 5 to 10 percent of total assets. That is up from an earlier recommendation of 3 to 5 percent, according the report, "Going for Gold," which was released today by U.S. financial services firm INTL FCStone.
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Most advisers in the survey -- 62 percent -- said their clients should or maybe should increase their weighting in gold, versus 38 percent who said they should not. The survey was of 174 private banks, family offices, wealth management advisers, and other market experts in Asia.
"Not only does Asia, and especially Singapore, offer a remarkably complete and professional gold market infrastructure, but the current global economic, financial, and geopolitical factors could be considered as highly supportive of the rationale to hold and grow the portions of gold in any [high net worth] portfolio," said Martin Huxley, head of precious metals Asia at INTL FCStone. ...
... For the remainder of the report:
https://www.scmp.com/business/commodities/article/2162861/asias-super-ri...
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