CNBC’s Scott Wapner (left) interviews Howard Marks, co-chair and co-founder of Oaktree Capital.
Heidi Gutman | CNBC | Getty Images
(This story is for CNBC PRO Subscribers only.)
Investors often see gold as a “safe haven” That can keep or add value in times of market turmoil – but billionaire Howard Marks says he doesn’t prefer the precious metal as an investment.
The price of spot gold rose above $ 2,000 an ounce for the first time last year as the Covid-19 pandemic crippled global economic activity and rocked financial markets around the world. Gold prices have fallen since then, but some say they could hit new highs again in 2021.
Speaking to CNBC, Marks, co-chair and co-founder of Oaktree Capital, said the value of gold is “almost like a superstition”.