By: JeeYeon Park
“The easy thing to say is that a selloff’s coming, but I don’t see it,” Sacks told CNBC, adding that he expects the precious metal to “go a lot higher” into the fourth quarter and into next year.
“Gold will spend most of next year over $2,000 an ounce,” he said.
Investors have been flocking to gold as a safe-haven play, amid global uncertainties and worries over a possible recession in the U.S. The precious metal reached another record high earlier Monday, near $1,900 an ounce. Gold prices have rallied about 17 percent this month, and more than 50 percent year-over-year.