George Soros warns gold is now the 'ultimate bubble'...

[Tito24]

I happen to think so as well... peddler Schiff is wrong again...


http://www.telegraph.co.uk/finance/financetopics/davos/7085504/Davos-2010-George-Soros-warns-gold-is-now-the-ultimate-bubble.html

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
Published: 6:15AM GMT 28 Jan 2010
Comments 174 | Comment on this article

Link to this video
Watch the above CNBC interview with George Soros
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."
 
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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.
He said: "I think that since the adjustment process to the recession is incomplete, there is a need for additional stimulus. Some countries, like the US and European countries, have plenty of room to increase their deficits. The political resistance to doing so increases the chances of a double dip in the economy in 2011 and after that."
The Conservatives have pledged to start cutting public spending almost immediately after this year's election, but their promise was weakened earlier this week by an International Monetary Fund report warning that it may still be too early to begin this process. Mr Soros also came out in favour of Barack Obama's plan to split up large US banks, but said that proposals to tax the banking system could also endanger the recovery.

[240 is Back]

I said this months ago.  All it takes is a 'fake gold' rumor, or a simple market adjustment, and the same fools that spent $1000 for gold because Glenn beck's commercial suggested it will be selling it back at $500.

Advantage: Non-idiots.

[Straw Man]

Gold has been bubblish for some time now.

When the retail crowd is buying you know the end is near

You can't listen to talk radio (right or left) without hearing a pitch for gold

[Soul Crusher]

Gold has been bubblish for some time now.

When the retail crowd is buying you know the end is near

You can't listen to talk radio (right or left) without hearing a pitch for gold

As with anything, when everyone is buying, sell sell sell.  When everyone is selling, buy buy buy. 

[Straw Man]

As with anything, when everyone is buying, sell sell sell.  When everyone is selling, buy buy buy. 

is that what you do?

[240 is Back]

This would hit Schiff's cred a lot.  I like him and read 'crash proof' in the bathroom all the time... but for the time being, obama and his team of goofs have averted the meltdown we were supposed to see last year.

Gold probably isn't going to reach 2000.  And all the people who were encouraged to buy at 1000 and 1050 are probably going to lose a lot of money.

I wonder 2 things...
1) Does schiff still tell people to buy gold at 1100 or more, and
2) Is schiff unloading his gold now?

[Soul Crusher]

is that what you do?

Its a general principle.  Look at real estate.  The reason I never bought a home during the craze was because I saw the prices getting jacked up by insane people, lies, distortions, etc bearing no relation to the fundamentals. 

When you had illiterate people all of sudden becoming realtors, flippers, appraisers, mortgage brokers, contractors, etc, that was the biggest and clearest sign to get out and that the game was over.   

[Soul Crusher]

Its a general principle.  Look at real estate.  The reason I never bought a home during the craze was because I saw the prices getting jacked up by insane people, lies, distortions, etc bearing no relation to the fundamentals. 

When you had illiterate people all of sudden becoming realtors, flippers, appraisers, mortgage brokers, contractors, etc, that was the biggest and clearest sign to get out and that the game was over. 

[Tito24]

As with anything, when everyone is buying, sell sell sell.  When everyone is selling, buy buy buy. 

Words to live by...

[pedro01]

I've been out since mid-December.

Like they say - when your taxi driver is telling you what a sweet investment something is - it's time to move on.

[Tito24]

I've been out since mid-December.

Like they say - when your taxi driver is telling you what a sweet investment something is - it's time to move on.

I once heard the guy who owns the pizza store by my house say, Housing prices will never go down, it's impossible...i knew we were at the top.