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Getbig Main Boards => Politics and Political Issues Board => Topic started by: 24KT on November 21, 2012, 10:55:32 PM
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http://www.bloomberg.com/video/soros-is-buying-gold-should-we-SLLb93ZVRiKlWQUQEPXtCA.html <-- video link
Soros Buying Gold as Record Prices Seen on Stimulus
By Nicholas Larkin and Debarati Roy - Nov 20, 2012 4:39 PM ET
Gold’s 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever.
The metal will rise every quarter next year and average $1,925 an ounce in the final three months, or 11 percent more than now, according to the median of 16 analyst estimates compiled by Bloomberg. Paulson & Co. has a $3.66 billion and Soros Fund Management LLC increased its holdings by 49 percent in the third quarter
“We see gold as a hedge against the follies of politicians,” said Michael Mullaney, who helps manage $9.5 billion of assets as chief investment officer at Fiduciary Trust in Boston. “It’s a good time to garner some protection in portfolios by having some real asset like gold.”
Gold advanced 11 percent to $1,728.85 in London this year, headed for a 12th consecutive annual gain, the longest streak in data compiled by Bloomberg going back to 1920. Prices reached a record $1,921.15 in September 2011.
Soros increased his investment to $221.4 million. Prices advanced 60 percent since January 2010, when Soros called gold the “ultimate asset bubble.” George Soros made $1 billion breaking the Bank of England’s defense of the pound in 1992, ...but what does he know?
Paulson, who became a billionaire in 2007 by wagering against the subprime mortgage market, is the biggest shareholder, a Nov. 15 SEC filing showed. The 56-year-old raised his stake by 26 percent in the second quarter and his holding of about 66 tons exceeds the official reserves of nations from Brazil to Bulgaria to Bolivia.
...but again, what does he know? 8)
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Probly bad time, since this is the time they unload it on you....then gold drops like rock
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Gold is safer than paper currency but it can still be manipulated. Also, I don't invest in things when the price has already skyrocketed.
I'm buying food and water reserves, weapons, tools, medicine, etc. Things that will be of use to me when the economy takes a huge shit.......and it will.
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Gold is safer than paper currency but it can still be manipulated. Also, I don't invest in things when the price has already skyrocketed.
I'm buying food and water reserves, weapons, tools, medicine, etc. Things that will be of use to me when the economy takes a huge shit.......and it will.
100% correct... the precious metals should have been picked up a few years ago when getbiggrrs were advising. Silver at nearly 40 an ounce - hopefully all us getbiggers were paying $15 for it a few years back :)