World’s richest – and their financial advisors – much richer because of the pandemic

Financial Times/Sam Jones and Valentina Romei/10-23-2020

“The world reels from the economic aftershocks of the coronavirus pandemic but for the Swiss bankers shepherding the fortunes of the world’s super-rich, it is boom time.”

USAGOLD note:  This saga about the rich getting richer the result of the pandemic has a surprise ending:  The very rich are putting a lot of those newly gained riches into gold at the advice of their Swiss-based financial advisors – UBS among them. The advice, says FT, was to stay in the stock market but build hedges.  “One hedge in particular,” it says, “was pushed by many Swiss bankers and wealth advisers to their clients with great success this year — gold. … Buying it was the corollary to the huge governmental stimuli that buoyed equity markets.”

Image courtesy of VisualCapitlist.com

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