Late Pop Icon Prince Owned Gold - Gainesville Coins News
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Late Pop Icon Prince Owned Gold

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Late Pop Icon Prince Owned Gold

We have all heard enough Hollywood stories of excess, squandered fortunes, and poor decisions to know that star entertainers don't always hold onto the millions of dollars they earned in showbiz.

Yet, it seems that the beloved pop star Prince, who passed away in 2016, was one of the wiser investors among his peers in the music and film industries.

Prepared for a Rainy Day

With Prince's untimely and unexpected death, the musician and entertainment icon had not yet left a will with instructions for dividing his many possessions. A library of unreleased and potentially lucrative music is believed to be among these assets. In the aftermath of Prince's passing, family members have been litigating what will become of the deceased legend's wealth.

Although the singer lacked the foreknowledge of his sudden passing in terms of making financial arrangements for his relatives, his portfolio of assets and investments reveals a much more forward-thinking approach toward wealth preservation. (Somewhat surprisingly, Prince openly held conservative political opinions; this may have influenced his fiscally conservative wealth management strategy.)

Prince Source: Micahmedia via Wikimedia Commons

An appraisal of Prince's estate revealed several interesting things about the pop star's finances. Prince maintained a dozen properties that are collectively worth about $25 million. He additionally held over $100 million in cash. Prince owned no stocks at the time of his passing, but he did have one important nest egg to round out his portfolio: an impressive collection of gold bars.

The fact that Prince entirely eschewed the stock market yet kept close to a million dollars parked in his physical gold holdings tell us something about his view of finances. The avoidance of equities in favor of gold shows that wealth protection with a safe haven like physical precious metals was at the forefront of the singer's strategy.

Included in the estate were a total of 67 ten-ounce gold bars. These 670 troy ounces (almost 21 kilograms of gold) are currently valued at over $800,000.

Setting aside for a moment the sad circumstances of Prince's death, there is an important lesson that investors can take from his example. If you're an individual with a high net worth who is interested in hedging against inflation in the long-term while balancing your portfolio right now, owning gold is especially useful. No matter how rich one is, it's always good to have something tangible to fall back on.


The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.

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