Billionaire Investor Ray Dalio says Gold Still the "Safest Money"

Speaking at the World Governments Summit in Dubai, billionaire Ray Dalio kept it simple: Despite the negative chatter after gold’s recent pullback, he believes the metal is still “the safest money,” Moz Farooque reported for TheStreet.

Despite the volatility, gold is still trading nearly 8 percent higher month over month.

He added that the global system is edging closer to a “capital war,” in which money itself becomes a source of conflict.

Over the past month, there has been heavy activity in precious metals, with gold and silver continuing to rise despite periodic pullbacks. Despite the volatility, gold is still trading nearly 8 percent higher month over month.

It’s important to note that gold hit an all-time high of $5,608.35 in January before stumbling on the back of Fed-driven dollar strength, but buyers returned anyway.

In Davos, Dalio took a similar view, arguing that allocating 5 percent to 15 percent of a portfolio to gold makes sense given market fragility. In Dubai, he reiterated that stance, brushing aside concerns that gold is losing relevance.