On Jan 28, just last month, George Soros, in an interview with Davos Man, said that gold is due for a fall. At the World Economic Forum in Switzerland he 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.” His quote immediately hit the headlines and people believed.
George Soros made over one billion dollars in 1992 from short-selling the UK pound sterling, outwitting the UK government. When Soros speaks people listen. The moment George Soros said that gold is now the current and ultimate asset bubble, inept fund managers and inexperienced investors went crazy and traded down their gold within a week to a very low level. The gold price went down to almost the same level as in October 2009, which is $1,050 an ounce.
I have been writing posts about gold and encouraged friends and families to start buying gold here and there whenever they can but many have been very skeptic and even ignorant as, unlike Asians, many fail to see the real money value of this precious metal. Others just don’t understand what to do with physical gold once they buy it. When they read of George Soros quote, it not only gave them great confidence of not buying gold, some even sold the gold that they had already had and was proud about it.
But despite all the gold bubble talk, there was one shrewd investor who still bought gold and in fact even doubled his gold investment – George Soros!
….read more HERE.