Sam Zell Buys Gold With Inflation ‘Reminiscent of the ‘70s’

Billionaire investor Sam Zell is seeing inflation everywhere, and has bought gold as a hedge -- something he says he used to knock others for doing.

“Obviously one of the natural reactions is to buy gold,” he said in a Bloomberg Television interview. “It feels very funny because I’ve spent my career talking about why would you want to own gold? It has no income, it costs to store. And yet, when you see the debasement of the currency, you say, what am I going to hold on to?”

WATCH: Billionaire Sam Zell says concerns over U.S. inflation and the dollar have led to his purchase of gold as a hedge.

(Source: Bloomberg)

Zell, 79, said he’s concerned not only about the U.S. ...