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Mark Mobius suggests holding 10% in physical gold, says currencies globally to be devalued

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Mobius, who has over 30 years of experience at Franklin Templeton Investments, has cited the increased government expenditure in form of pandemic stimulus as the reason behind a likely devaluation of currencies.

File image of Mark Mobius (Source: CNBC)

Investors should keep 10 percent of their portfolio in physical gold as currencies across the world are set for a serious devaluation, veteran investor Mark Mobius was reported as saying on August 30.

Mobius, who has over 30 years of experience at Franklin Templeton Investments, has cited the increased government expenditure in sort of pandemic stimulus because of the reason behind a possible devaluation of currencies.

An "incredible amount" of cash would be printed thanks to the stimulus, thanks to which the currency devaluation globally are going to be quite significantly next year, Mobius told Bloomberg.

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Considering the above scenario, "10 percent of investments should be put into physical gold" at this stage, he said.

It is getting to be very, excellent to possess physical gold that you simply can access immediately without the danger of the govt confiscating all the gold,” Mobius was quoted as saying.

Mobius' remarks are available the backdrop of bullion rates decelerating following the worldwide rollout of vaccines. The rates had soared to record-high levels last year when lockdowns were imposed to combat the health crisis.

Spot bullion head reached $2,075 a few years ago, and has since, lost four percent of its value. In India, gold prices had breached Rs 56,000 in August last year, and are currently hovering around the Rs 50,000-mark.

Most economies across the planet have increased their expenditure so as to stimulate the economy jolted by COVID-19. The fiscal stimulus has boosted balance sheets maintained by central banks globally, resulting in inflation and a better fiscal deficit.