Billionaire Howard Marks explains why he doesn't like gold as an investment

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New for subscribers: Billionaire Howard Marks explains why he doesn't like gold as an investment. Check out CNBCPro today.

Heidi Gutman | CNBC | Getty Imagesthat can retain or increase in value in times of market turbulence — but billionaire investor Howard Marks says he doesn't favor the precious metal as an investment.

The price of spot gold rose above $2,000 per ounce last year for the first time ever as the Covid-19 pandemic crippled global economic activity and rocked financial markets worldwide. Gold prices have since come down, but Speaking to CNBC, Marks — who is co-chairman and co-founder of Oaktree Capital — said the value of gold is "almost like a superstition."

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