The stock market may get cut in half, but this 'most undervalued' asset is about to surge, billionaire investor says

Gold last traded at $1,718 an ounce. Silver at $15.69 an ounce.

NEWS SUMMARY: Precious metal prices rose Wednesday on Fed's promise of additional stimulus plans. U.S. stocks traded mostly lower following downbeat remarks from Fed chairman Jerome Powell amid jitters about reopening the economy.

 MARKETWATCH--- "Paul Singer, the hedge-fund billionaire behind Elliott Management, warned last month that the ultimate path of global stock markets is a drop of at least 50% from February highs. What's an investor to do in the face of such a grim outlook? Load up on gold...After all, according to a report this week from the Financial Times, that's what the smart money's doing. Gold, advised Singer, is 'one of the most undervalued' assets available and it's worth 'multiples of its current price' due to the 'fanatical debasement of money by all of the world's central banks.' His fund gained about 2%, the FT reported, thanks primarily to profits from its gold position. Andrew Law's Caxton Associates and Danny Yong's Dymon Asia Capital have joined Singer in seeking protection in their gold positions amid further loosening monetary policy. 'Gold is a hedge against unfettered fiat currency printing,' said Yong, whose fund is up 36%."