Blackstone’s Byron Wien, ahead of his annual list of predictions, urged savvy investors “watch gold in 2020.”
Wien spoke as gold headed for its biggest weekly advance in more than four months, setting the metal up for its best year since 2010.
The Wall Street veteran won’t release his legendary 2020 market surprises until January, but he recently offered CNBC a bonus prediction ahead of time.
“Watch gold in 2020,” the vice chairman of private wealth solutions at Blackstone told CNBC. “It has a chance to be an interesting investment.”
Wien, whose Wall Street career has spanned about 50 years, releases an annual list of 10 market surprises that remains a must-read in the financial industry.
Looking at 2020 more broadly, Wien said he didn’t think any of the major risks to the long-running market rally are likely to materialize.
Wien said he thinks rates will remain at their current levels and that Trump will win re-election. He also said Brexit looks likely to be resolved in 2020.
“Right now, I don’t see any severe thunderstorms inflicting the market in 2020,” he said.
Bullion held near the highest in seven weeks on Friday even as stocks climbed worldwide and U.S.-China trade concerns eased, which typically reduces investor appetite for haven assets like gold, Bloomberg said.
Gold has gained about 18% so far this year, supported by trade frictions, easier monetary policy across the world’s leading economies and sustained buying from exchange-traded funds and central banks.
Spot gold was little changed at $1,511.27 an ounce by 7:56 a.m. in New York, after earlier touching $1,514.09, the highest since Nov. 4. Prices are up 2.2% this week, heading for the biggest weekly gain since Aug. 9.
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