Northwestern Mutual Life Insurance Co., Milwaukee, has bought gold for the first time in 152 years to hedge against further asset declines, Bloomberg reports. According to the news service, Northwestern Mutual has accumulated about $400 million in gold, and CEO Edward Zore says the price could double or even rise fivefold if the economy continues to weaken.
“Gold just seems to make sense; it’s a store of value,” Bloomberg reports Zore saying in an interview following his comments at a conference hosted by Standard & Poor’s in Brooklyn. “In the Depression, gold did very, very well.”
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