George Soros warns gold is now the 'ultimate bubble'

[SethArb]

if he was trying to get the bank of england or the IMF to sell him some "bling bling" "on da cheep cheep "

it did not work ( at least for this week )

note the support zone below which gold held

http://productshopnyc.com/htdocs/George Carlin On The Road.jpg

 

[Debaser82]

Soros More Than Doubled Gold ETF Stake in 4th Quarter

Billionaire George Soros’s Soros Fund Management LLC more than doubled its holding in the biggest gold exchange-traded fund in the fourth quarter after bullion advanced 8.9 percent to a record.

The $25 billion New York-based firm became the fourth- largest holder in the SPDR Gold Trust, adding 3.728 million shares valued at $421 million, according to a filing with the U.S. Securities and Exchange Commission yesterday. Its investment was worth about $663 million, the fund’s largest single investment, as of Dec. 31.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aKs0jaibTSmY&pos=6

 

[ba1]

Yep, gold is probably in a bubble. Reminds me of the NASDAQ at 1100 in the 1990s. It will go up and down (pls, I don't have as much as I need) , and I won't surprised to see it zoom to 5000 before it is all over.

Ultimately I have faith in Bernanke to create a panic away from the fake dollar before (un)timely removal... It's Miller time (1976-79), kicked upstairs as Treasury sec'y. At least we would be rid of Tim.

 

[bearice]

Why Does CNN See Gold at US$500?

Here we go again. Less than two years after the housing market collapsed, the U.S. economy is threatened by a new bubble in asset prices. This time, four billowing balloons are hovering: two commodities -- gold and oil -- stocks, and government bonds. Don't be fooled into thinking that last week's 5% drop in the S&P, and the recent sell-off in oil, remotely makes them fairly valued, let alone bargains. Equities and commodities, as well as Treasuries, which actually rallied as stocks dropped, still have a long way to fall. The reason: They've already seen huge run-ups that put their prices far above their historic averages, and far above the levels justified by fundamentals. Two examples: Most companies can't possibly grow earnings fast enough to support their lofty valuations, and oil and gold are so expensive that we'll see what high prices always bring, a surge in new supply. That makes a price-pounding glut inevitable. Since the start of 2009, oil has returned to the danger zone by jumping 63% to $75 a barrel, and gold has risen more than 20% to set astounding new records by climbing above $1,100 an ounce. ... The real threat: Prices are so high all over the world that people who once treasured their gold jewelry are now rushing to sell it. Swiss refiners are offering irresistible prices for bracelets and brooches, "cash-for-gold" stores are in Chicago malls, and suburbanites are hosting Tupperware-style parties where neighbors show up to hock their gold teeth. When this happened in the early 1980s with silver, prices plummeted from $50 to $15 in less than a year. Look for gold to end up below $500 an ounce within two years. - CNN

http://www.thedailybell.com/770/Why-Does-CNN-See-Gold-at-500-an-ounce.html

 

[Chuck Krug]

http://www.sec.gov/Archives/edgar/data/1029160/000101143810000073/0001011438-10-000073-index.htm

 

[MohdSalleh]

Quote from Debaser82:

Soros More Than Doubled Gold ETF Stake in 4th Quarter

Billionaire George Soros’s Soros Fund Management LLC more than doubled its holding in the biggest gold exchange-traded fund in the fourth quarter after bullion advanced 8.9 percent to a record.

The $25 billion New York-based firm became the fourth- largest holder in the SPDR Gold Trust, adding 3.728 million shares valued at $421 million, according to a filing with the U.S. Securities and Exchange Commission yesterday. Its investment was worth about $663 million, the fund’s largest single investment, as of Dec. 31.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aKs0jaibTSmY&pos=6

what an arse, never believe any of these money grubbers

 

[tiddlywinks]

and oil and gold are so expensive that we'll see what high prices always bring, a surge in new supply.

My friend says Exxon has a few unused land leases, but unfortunately there are no 5000+ foot pipes listed on ebay. So I suggested we pick up a few pairs of Levi Strauss and new prospecting pans. We're shooting for 2% of world gold production. California IS bust!!

 

[Gabfly1]

Quote from sculptor66:

Funny thing is, GLD is one of the largest positions of the Quantum Fund.

There is no inconsistency here, since his theory of reflexivity is essentially that of a feedback loop. And that's what bubbles are about. Therefore, it only follows that he would attempt to exploit them while the getting is still good in his estimation. Remember, Soros is a market timer.