Soros says gold "isn't safe"

Quote from Ghost of Cutten:

The same nonsense around internet stocks lasted from about 1997 to 2001. During that period the nasdaq soared multiples and then crashed over 50%. So, background bullish enthusiasm can co-exist with the final years of a speculative bubble - after all, an asset popular with the public can hardly rally massively after a multi-year bull run *without* there being a lot of speculation developing around it.

I agree we are starting to see signs of speculation, but I think it's in the early stages. When gold finally tops you will see public participation that will make the current drips and drabs look like nothing.
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Ghost, didn't see your post, so we made similar points.
 
theres something to be said for the rise in silver telegraphing an end to the rise in gold

if silver is the poor man's gold and that's the dumb money, could it be possible that a spike in silver buying indicates the end is nigh for gold?
 
Quote from Tsing Tao:

someone dig up the other armstrong predictions reported on this site and see how well theyre doing
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He has been dead right on many issues.

He is been screaming no new stockmarket crash for 2 years now... unlike many other 'perma bears' who have been craving to become the new Roubini...

You should read his work with an open mind and learn from it.
 
Quote from JuniorCTA:

This gold rally is coming to a end.

How do I know?

The barrage of nonsense, on CNBC, Bloomberg, FOX and just about every business news outlet, pushing gold.

It's the same feeling I got Pre-2008... when people I knew who were financial irresponsible, were getting loans for houses.
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That observation is relevant if people are borrowing money to buy gold. But so far as I know people are paying cash for the stuff, so it's not analogous to dodgy mortgages.

That said, I do expect a correction (I've been waiting for one for a long time) but I think the long term bull will continue, because the fundamentals driving it, ever worsening deficits, will continue.
 
George Soros talks his book, always has, always will (and as many know is heavily invested in gold bullion and gold miners). But most here are not old enough to have seen a true bubble in gold, circa fall '79 and the first few months of '80 when gold tagged $887.50 (not the $850 number that people mistakenly report). What's going on now, grind up $30, grind up $10, fall back $15-$20, grind up again, is not even in the ballpark of bubble. If you didn't live thru the last one you would be well served to dig up some old charts of gold from the timeframe I mentioned above before making silly pronouncements. And please understand that a little anecdotal evidence of someone's barber buying gold, combined with cable-TV ads for companies buying gold, again does not make a bubble but only shows that interest is slowly increasing as the public in the US and the world becomes more aware of the economic situation. A true bubble, with the complete and total craziness of the panic/greed that entails, comes at the very end of a cyclical bull run. We're not even close yet.
 
Further to Magna's post below, if we use the 1970s experience as a guide to what a "gold bubble" looks like, in the 1970s gold went from $35 to over $875, a 25-fold increase.

If we apply the same increase to gold from 2001 onwards, 250 * 25 = 6,250 USD. So a long way to go from here.

Then again, it could go over 10,000 USD if there is hyperinflation in a developed country, such as (but not limited to) the USA or Japan.

Quote from Magna:

George Soros talks his book, always has, always will (and as many know is heavily invested in gold bullion and gold miners). But most here are not old enough to have seen a true bubble in gold, circa fall '79 and the first few months of '80 when gold tagged $887.50 (not the $850 number that people mistakenly report). What's going on now, grind up $30, grind up $10, fall back $15-$20, grind up again, is not even in the ballpark of bubble. If you didn't live thru the last one you would be well served to dig up some old charts of gold from the timeframe I mentioned above before making silly pronouncements. And please understand that a little anecdotal evidence of someone's barber buying gold, combined with cable-TV ads for companies buying gold, again does not make a bubble but only shows that interest is slowly increasing as the public in the US and the world becomes more aware of the economic situation. A true bubble, with the complete and total craziness of the panic/greed that entails, comes at the very end of a cyclical bull run. We're not even close yet.
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Quote from Magna:

What's going on now, grind up $30, grind up $10, fall back $15-$20, grind up again, is not even in the ballpark of bubble.
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maybe the grind is saying something, when everyone expects the 79 bubble 'price action', just a thought
 
Quote from Ghost of Cutten:

He is saying it's going higher, but will be volatile and the bull market will end eventually like other bubbles. He is not saying it will go significantly lower, just that pullbacks and corrections will be common. Not exactly a daring prediction, but he did express a bullish view.
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To me, it's just a bunch of doublespeak. He's not really saying anything.
 
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