x
Inflation is rising out of control and investors should hold cryptocurrencies, gold and real estate to protect their wealth, said Frank Holmes, CEO and CIO of U.S. Global Investors, and executive chairman of Hive Blockchain Technologies.
In an interview with Kitco News' Editor-in-Chief Michelle Makori, Holmes, whose firm manages more than $4 billion in assets under management, said that inflation is significantly understated. He added that if inflation was calculated by traditional methods, it would be up 12%.
Holmes said that the U.S. government and the Federal Reserve is trying to talk down inflation because the economic recovery is still fragile.
"The federal government here is very concerned about that. They're, trying to tiptoe around this issue, but they can stop this. Big inflation coming and, and real assets are the place to be," he said.
With price pressures rising significantly. Holmes' reiterated his call for gold prices to push to $4,000 an ounce within three years. Along with holding precious metals, Holmes said that he is also interested in income-producing real estate.
"Hopefully, you don't have much development to do because it's going to be very expensive," he said.
Another essential asset in a portfolio is cryptocurrency. Holmes said that digital currencies are not going anywhere as an entire generation is using them.
"The idea of Bitcoin, Ethereum, it's in their blood. It's not foreign to them," he said.
By Kitco News
For Kitco News
