According to veteran investor Mark Mobius, “Gold’s long-term prospect is up, up and up, and the reason why I say that is money supply is up, up and up,” reports a recent Bloomberg article.

Mobius told Bloomberg TV that accumulating gold will “reap long-term rewards as leading central banks loosen monetary policy and the rise of cryptocurrencies serves only to reinforce demand for genuinely hard assets.” He added, “I think you have to be buying at any level.”

The article reports that gold hit a six-year high in August on prospects for easing monetary policy by the Fed and other central banks “to support growth that’s been impacted by the prolonged trade war between the U.S. and China. With the U.S. Treasury market signaling that a recession may be on the horizon, investors have been swarming into bullion-backed exchange-traded funds.”

The article underscores the ongoing debate as to whether the increasing popularity of digital currencies like bitcoin will negatively impact precious metals. According to Mobius, the advent of what he calls “psycho currencies” it will boost bullion consumption. He argues, “it’s a matter of faith whether you believe in Bitcoin or any of the other cyber-currencies. I think with the rise of that, there’s going to be a demand for real, hard assets, and that includes gold.”