TD’s $230 Billion Man Goes Maximum Gold as Volatility Mounts
By GCRU Gold News on Thursday, July 28 2016, 22:49 - Permalink
In a world flush with central bank stimulus and swirling with volatility, Bruce Cooper is pushing for the one asset he says he can count on: gold.
TD Asset Management’s chief investment officer is adopting a more conservative approach to focus on capital preservation. Cooper sees gold as the best bet with the global economy stuck in neutral, and as loose central bank policy, the U.K. Brexit vote, and a looming U.S. presidential election stoke demand for havens. The firm, which oversees more than C$300 billion ($230 billion), shifted to "maximum overweight" in gold for its portfolios during the second quarter from a "modest overweight" according to Cooper’s latest market outlook report.