They say if you want to be rich, do what the rich do. The fact is that less than 1% of Americans, or the ‘99%’ as they say, have any allocation in gold in their savings or retirement portfolios. One could say they don’t truly want to be rich while the 1% do. Another alternative is that most people don’t know what to really do when it comes to investing for wealth and security.

So what are the rich doing right now? A billionaire investor with one of the best investing track records in the world has not only gone big time into gold, but believes it will be the best trade in light of devaluing currencies, and central bank interventions. Stan Druckenmiller, who has the best long-term track records in money management, said the bull market in stocks has “exhausted itself” and that gold is his largest currency allocation.

Stan Druckenmiller at Sohn Conference

Billionaire Stan Druckenmiller goes big into gold as his highest currency allocation against the US dollar

Druckenmiller, speaking at the Sohn Investment Conference in New York , said while he’s been critical of Federal Reserve policy for the last three years he expected at that time it would lead to higher asset prices.

“I now feel the weight of the evidence has shifted the other way; higher valuations, three more years of unproductive corporate behavior, limits to further easing and excessive borrowing from the future suggest that the bull market is exhausting itself,” said Druckenmiller, who averaged annual returns of 30 percent from 1986 through 2010 at his Duquesne Capital Management.

As bankers experiment with “the absurd notion of negative interest rates,” Druckenmiller said, he’s wagering on gold. “Some regard it as a metal, we regard it as a currency and it remains our largest currency allocation,” he said, without naming the metal. – Bloomberg