Shark Tank Star Kevin O’Leary says Forget the Miners, Own the Gold
If you want to invest in gold, why bother investing in the miners? This is the creed of Shark Tank’s Kevin O’Leary and the chairman of O’Shares ETF Investments. Speaking with Kitco News in New York, the investor said that when it comes to the hard asset he prefers to hold the physical metal over the miners. “Why would I put idiot management between the value of the commodity and my ability to own it?” he said. “I don’t need to own miners…why do I want management screwing up the extraction of the commodity? I have no interest in that,” he added. O’Leary, who is pitched business ideas as the star of ABC’s Shark Tank, said that mining companies are often brought to his attention, but he prefers to ignore them. And even though he prefers the physical metal, he still keeps it weighted at 5%. “It is a stabilizer in anyone’s portfolio. I like it, but I don’t want to own more than 5%.”
