When multinational investment bank UBS Group makes statements about their positions, savvy investors take note. Unlike their counterparts at JPMorgan Chase, UBS focuses on privacy and security which compels them to play their cards closer to the vest.
That’s why announcing their stance on gold is such a big deal. This time, it happens to match the stance held by JP Morgan Chase.
“We remain bullish on gold here,” said Joni Teves, Precious Metals Strategist at UBS. “We think the outlook is quite positive heading into next year. Easing by the Fed continues to be supportive for gold, and fundamentals continue to be positive as well. We expect central bank buying to continue, and physical demand we think will remain resilient even as prices continue to rally.”
As the largest private bank in the world with over $5 trillion under management, they are extremely cautious with their recommendations. Even a slight error can cost them and their clients billions, so when they come out as bullish on gold despite current prices already beating projections, it’s noteworthy.
“We’re definitely taking note and so are our clients,” said Jonathan Rose, CEO of Genesis Gold Group. “They’re rushing to make moves with their retirement accounts sooner rather than later because the longer they wait, the higher the prices for gold and silver.”
Rose’s company specializes in rolling over or transferring current and past retirement accounts into Genesis Gold IRAs backed by gold and silver.
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When asked about physical precious metals versus other types of investments common in retirement accounts, Teves said it comes down to risk.
“Some investors, especially [those] that are concerned about credit risks, tend to hold physical gold,” she said. “The choice of exposure really depends on an investor’s risk appetite as well as mandate, so it depends on the type of investor.”
For American retirees, the safe haven of physical precious metals can be extremely appealing during the current economic crunch. Learn how Genesis Gold Group can help build a position in gold and silver by requesting their Wealth Protection Kit.
