Ray Dalio is founder of Bridgewater Associates where he co-manages $120 billion on behalf of investors and this year he was named one of Time magazine’s 100 most influential people in the world.
He gave a rare interview to CNBC on Friday where he basically said gold should be owned by by everyone:
“We have a situation now where when you have too much debt. Too much debt leads to printing of money to make it easier to service,” Dalio said. “So all of those things mean that some portion [of an investment portfolio] should be in gold.”
Dalio, like his fellow billionaire money managers George Soros and John Paulson is on the other side of the bullion debate to Warren Buffett.
The sage of Omaha once famously said of gold: "[Gold] gets dug out of the ground in Africa or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
Watch the rest of the interview with Dalio at CNBC >>