Wealth manager supports Gold in portfolios

Fluctuations in the Gold price the past two weeks have made investors reluctant to buy the metal. However, Michael Yoshikami, founder and chairman with Destination Wealth Management, spoke with CNBC regarding reasons why Gold should be included in one’s portfolio. Yoshikami takes into account how central banks have most recently become net buyers of Gold to protect themselves and diversify out of unstable currencies. Yoshikami said when inflation materializes, Gold will provide a level of inflation protection, because tangible assets tend to perform well in inflationary environments.

Consumer sentiment in the United States rose to its highest point in more than four years in May. Optimism in the air as a healthier economy is beginning to develop. Richard Curtin, head of the University of Michigan’s consumer survey, reflected on how long the consumer sentiment will remain positive. He said, “The most likely prospect is that job growth resumes at a modest pace and that confidence remains largely unchanged until after the November election and decisions about tax policy are made.”

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,567.60, Up $8.30.
  • Silver, $28.35, Up $0.10
  • Platinum, $1,427.20, Up $2.80.
  • Palladium, $592.00, Up $2.40.
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