Posted on 01/28/2010 4:38:46 PM PST by Steelfish
Davos 2010: George Soros Warns Gold Is Now The 'Ultimate Bubble'
Gold is now "the ultimate bubble", billionaire investor George Soros has declared, sparking fears that prices for the precious metal may soon suffer a tumble.
By Edmund Conway in Davos 28 Jan 2010
Mr Soros, arguably the most famous hedge fund manager in history, warned that with interest rates low around the world, policymakers were risking generating new bubbles which could cause crashes in the future. In comments delivered on the fringe of the World Economic Forum, Mr Soros said: "When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold."
Soros attacks 'tone deaf' bankers for resisting reform
Deutsche chief leads fightback for banks Gold prices last month reached a record level of just over $1,225 per ounce, having risen around 40pc last year. Investors are piling into the metal amid fears both of potential inflation and fading faith about the stability of previously-assumed safe assets such as government debt. However, the chairman of Barrick Gold, the world's biggest producer, Peter Munk, said he expected the metal's upward march to continue.
Mr Soros added that by proposing imminent "exit strategies" from the unprecedented support handed out to troubled banks and consumers, governments around the world could be in danger of triggering a double-dip in the global economy. In comments which will reinforce Labour's plan to fight the next election on promises not to start raising taxes or cutting spending too soon, he said that it was still too early to slash budget deficits.
(Excerpt) Read more at telegraph.co.uk ...
The Unite States government is the ultimate bubble
I dunno about all that... however... gold has been a precious
commodity for what.. recorded history, paper money not so much.
Well I’m not smart enough to figure out WHAT he’s up to, but I’m smart enough to know he’s up so SOMETHING, and it’s no good.
When is Soros going to be arrested?
I don’t think I want Soros ruling the world.
Like all bubbles and iver inflated things, I keep wishing SOROS would blow up!
I do too, but there would probably be 10 more even uglier than him that spring up in his place.
The dollar is the bubble... it looks like Soros wants a lower entry price.
Yes- long overdue. These bastards, like the Hollywood types, acquire mountains of dough off the capitalist system, and once having reach their summits, then want to break down the opportunities for others that this same system gave to them. This is true for the Pelosi’s, Kennedy’s, Cameron’s; Jennifer Lopez’s; Speilberg’s; Geffen’s and the list goes on and on.
OMG you have to be kidding! Gold is the anti-bubble
I saw this idea being floated yesterday -- not connected with Soros or Davos (or any other 'os') and I was going to comment.
Now, seeing it again, it's clear that it's a talking point and Soros must be short.
Oh, dear, that's a delectable thought! Keep on buying! Squeeze this bastard like the festering sore he is.
Sure. Tell China and India that, George.
Obviously he didn’t buy much gold, and he is trying to put jitters in those who DO, so he can buy cheap. He’s smart.
I’ve taken 75%+ gains in gold stocks in the last year. The profit is sitting separately in cash, and the original amount is still in gold stocks. Dollar suicide does produce some dramatic results.
If he was smart... he would have bought gold in the year 2000.
Soros wants gold to be the next bubble because thats were all the little fish have been stuffing what penance of savings they have left.
He wants it to collapse, causing them to lose the rest of their money which means more control and power for him and his billions he has safely squirreled away in some off shore bank somewhere.
George has, no doubt, a short position in gold.
he’s probably shorting it, actually.
Could happen! Afterall Soros has been butt “F”..in. Obama and the country for years!
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