Investors should be putting their money into diamonds, as the precious stones represent the best safe haven available
right now, Philip Manduca, Chief Executive Officer at Titanium Capital Partners told CNBC’s “Squawk Box Europe.”
“You should have been parking your money in diamonds for some time now. They are portable, liquid, there are no storage
costs unlike other asset classes. You get to enjoy them while you have them. It’s been a wonderful place to be and will
be a very good place to be in three to five years. Even better than my key recommendation which is gold,” he said.
He said investors should avoid diamond-related stock but buy the hard asset itself. “Diamonds is one of the best hard
asset plays out there and all girls would love that recommendation out there,” he said.
He added that gold would also continue to be a good investment – once it falls further by as much as $250/ounce.
Manduca’s bullish forecast for gold as an investment comes as the precious metal has come off highs.
It has lost some of its sheen as the preferred safe haven status which has increasingly gone to the U.S. dollar.
He added that the three- to five-year play for investors should be to buy gold once it gets down to between $1200 to
$1400 an ounce.
For now investors should be in diamonds he said. Continued global economic woes fueled by the continuing euro zone debt
crisis and weakness in the U.S. economy have been laid at the door of the falls in gold in recent months.
Manduca said the outlook for equities remained very weak with global economic growth weak for the next few months.