Steve Leuthold, whose Leuthold Core Investment Fund has beaten 95 percent of its rivals in the past five years, said he may boost his position in gold fivefold in a bet the dollar will decline.
“We have begun to build a defensive position in gold,” Leuthold said in an interview on Bloomberg Television. “You could see a very significant decline in the dollar that might serve to get our politicians back on the right track to fiscal responsibility.”
The investor said he has 2 percent of his holdings in the metal and may increase that to 10 percent by the end of the first quarter of 2010. Gold, which has risen for the past eight years, has climbed 7.3 percent in 2009. The U.S. Dollar Index, a gauge of the greenback against the currencies of six major trading partners, has fallen 2.9 percent this year.
Leuthold Says He’s Buying More Gold, Betting on Dollar Weakness - Bloomberg.com
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