Dennis Gartman, chairman of the University of Akron Endowment Committee, and former publisher of the Gartman Letter, said that gold's recent drop to $1,618 an ounce could present a unique opportunity for investors.
"I think gold is very cheap at this point relative to stock prices," he said. "Gold is very cheap relative to almost any other investment. It wants to go higher from these levels."
Mr. Gartman is especially optimistic about gold since central banks are buying it in record numbers, regardless of price declines.
Per the Word Gold Council, central banks worldwide bought nearly 400 tonnes of gold between July and September 2022, an increase of 300% from the third quarter of 2021.
Check out Benzinga’s Precious Metals hub to learn more about the benefits of gold and precious metals.
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