UBS says you should buy gold now

Investors should be putting their money in gold now, as it represents a “very good hedge” ahead of risk events such as the U.S. election, UBS Global Wealth Management told CNBC.

“We like gold, because we think that gold is likely to actually hit about $2,000 per ounce by the end of the year,” according to Kelvin Tay, the firm’s regional chief investment officer, on Tuesday.

“And gold has certain hedges to it,” Tay said. “In (the) event of uncertainty over the U.S. election and the Covid-19 pandemic, gold is a very, very good hedge. And its recent weakness represents a great entry point for investors,” he added, speaking to CNBC’s “Squawk Box.”

Caledonia Mining Corporation plc (LON:CMCL) is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe which produced 54,512 ounces of gold in 2018 at an All in Sustaining Cost of $802/oz.

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CALEDONIA MINING CORPORATION PLC COM SHS NPV (DI)

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