electroweak Posted February 17, 2010 Report Share Posted February 17, 2010 we always knew he was a crafty sod.... He obviously wants more. Soros More Than Doubled Gold ETF Stake in 4th Quarter (Update1) By Katherine Burton and Glenys Sim Feb. 17 (Bloomberg) -- 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. Soros joined China Investment Corp. and central banks including those in China and India in acquiring gold. China Investment, the $300 billion sovereign wealth fund based in Beijing, took a 1.45 million-share stake in the SPDR Gold Trust worth $155.6 million, according to a SEC 13F filing posted on Feb. 5. http://www.telegraph.co.uk/finance/finance...ate-bubble.html Davos 2010: George Soros warns gold is now the 'ultimate bubble' 28 Jan 2010 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. Link to comment Share on other sites More sharing options...
klogger Posted February 17, 2010 Report Share Posted February 17, 2010 So as expected an extremely wealthy individual was using his position to lie in order to make a profit. Well, that's a surprise. I notice that he purchased an ETF though, I wonder why? I have no idea why he doesn't keep £100 million for himself and either give the rest to charity or set up a new charity to do some good. Link to comment Share on other sites More sharing options...
azazel Posted February 17, 2010 Report Share Posted February 17, 2010 we always knew he was a crafty sod.... He obviously wants more. Soros More Than Doubled Gold ETF Stake in 4th Quarter (Update1) http://www.telegraph.co.uk/finance/finance...ate-bubble.html Davos 2010: George Soros warns gold is now the 'ultimate bubble' The telegraph took what Soros said out of context IMO. What did Soros mean by "The ultimate asset bubble is gold"? Link to comment Share on other sites More sharing options...
romans holiday Posted February 17, 2010 Report Share Posted February 17, 2010 The telegraph took what Soros said out of context IMO. What did Soros mean by "The ultimate asset bubble is gold"? Maybe he thinks it's a potential bubble. Investors have bubble vision these days. Bubbles are everywhere. Many are investing in China while consciously aware it is becoming a bubble. The idea is to speculate and ride the bubble up, not to invest. This has to make for one incredibly unstable and easily spooked market... unless of course they all suddenly decide it's not a bubble, but good solid growth after all. Ship of fools. ftr, I don't think gold can get in a bubble today, not when currencies are coming unstuck, and money is remonetizing gold. Only assets can become bubbles... and you got to ask yourself; is gold just an asset today.... or morphing into a currency which itself prices assets. Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 17, 2010 Author Report Share Posted February 17, 2010 The telegraph took what Soros said out of context IMO. What did Soros mean by "The ultimate asset bubble is gold"? That story back then was a typical paper bug attempt to scare off gold investors. It has miserably failed. Soros is a gold bug! Link to comment Share on other sites More sharing options...
tinecu Posted February 17, 2010 Report Share Posted February 17, 2010 http://www.bloomberg.com/apps/news?pid=206...x_gAo&pos=3 Oops, and all of a sudden it would be 5% cheaper for 1 billion Chinese to buy gold, oil, copper, silver, whatever. Darn it! OK, now imagine they do 50%. And then 100%. And then 200%. Some more on this...http://www.reuters.com/article/idUSN1712559220100217?type=usDollarRpt "Many Western economists maintain that China's currency is undervalued by 25 to 40 percent, giving Chinese companies an unfair advantage in international trade." Link to comment Share on other sites More sharing options...
electroweak Posted February 17, 2010 Report Share Posted February 17, 2010 Time to buy if you can! In case you were wondering why gold just dropped $10... Weird how this article is from the future... http://www.forexyard.com/en/news/IMF-to-st...0-02-17T213534Z IMF to start open-market sales of 191.3 tonnes of gold Thursday February 18, 2010 10:35:21 AM GMT Reuters News Bookmark and Share IMF/GOLD (URGENT) WASHINGTON, Feb 17 (Reuters) - The International Monetary Fund on Wednesday announced it will begin phased open-market sales of the remaining 191.3 tonnes of gold under a program launched last year to raise new resources for lending. To avoid disruptions of the gold market, the IMF said the open-market sales "will be conducted in a phased manner over time." The Fund announced last year it would sell a total of 403.3 tonnes of gold, about one-eighth of its total stock, to diversify its sources of income and increase low-cost lending to poor countries. Until now the gold has been made available to central banks. India, Mauritius and Sri Lanka have been purchasers. The price of gold has increased by 20 percent over the past two years. The IMF said central banks could continue to buy some of the gold, which would reduce the amount of gold to be sold on the market. "The initiation of on-market sales does not preclude further off-market gold sales directly to interested central banks or other official holders," the IMF said in a statement. (Reporting by Lesley Wroughton; Editing by Dan Grebler) Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 17, 2010 Author Report Share Posted February 17, 2010 IMF to start open-market sales of 191.3 tonnes of gold Thanks for the info. Good stuff. I've just sold my car, so ... Link to comment Share on other sites More sharing options...
romans holiday Posted February 18, 2010 Report Share Posted February 18, 2010 Time to buy if you can! In case you were wondering why gold just dropped $10... Weird how this article is from the future... http://www.forexyard.com/en/news/IMF-to-st...0-02-17T213534Z IMF to start open-market sales of 191.3 tonnes of gold Only 190 tonnes. I'd say most of that will be going to central banks [currency swap]. In buying gold, they will be in a better position to re-monetize their currency. They may have to do this to stabilize their currencies in the future. Link to comment Share on other sites More sharing options...
azazel Posted February 18, 2010 Report Share Posted February 18, 2010 Maybe he thinks it's a potential bubble. Investors have bubble vision these days. Bubbles are everywhere. Many are investing in China while consciously aware it is becoming a bubble. The idea is to speculate and ride the bubble up, not to invest. This has to make for one incredibly unstable and easily spooked market... unless of course they all suddenly decide it's not a bubble, but good solid growth after all. Ship of fools. ftr, I don't think gold can get in a bubble today, not when currencies are coming unstuck, and money is remonetizing gold. Only assets can become bubbles... and you got to ask yourself; is gold just an asset today.... or morphing into a currency which itself prices assets. Perhaps he sees gold as the ultimate asset in much the same way as John Exeter did with the inverse pyramid. Link to comment Share on other sites More sharing options...
romans holiday Posted February 18, 2010 Report Share Posted February 18, 2010 Perhaps he sees gold as the ultimate asset in much the same way as John Exeter did with the inverse pyramid. Maybe, but the inverse pyramid involves capital moving from increasingly illiquid assets at the top down to the best forms of liquidity. In this context, gold is the most desired form of liquid cash as investors show an increasing preference for liquidity as opposed to investments/ assets. In a deflationary environment - once investors snap out of inflationary expectations - they will divest themselves of assets... this is proving slow to happen because investors have been habituated to investing, and indoctrinated into monetarist orthodoxy and constant growth. I've been reading Richard Koo's "The Holy Grail of Macro Economics - lessons from Japan", and he refers to yin and yang economies; monetary orthodoxy might relate well to the vibrant growing yang economy, but the contracting yin economy involves a move away from assets to liquidity [actually, the paying down of debt/ debt deflation].... and monetary policy is completely powerless to halt the process. He has a few interesting observations on gold also. The other thing is modern currencies today are themselves traded as assets of a sort on the fx market, and Soros is only too familiar with how vulnerable to speculation they are. Soros is making a big macro move here; reducing his exposure to other currencies and into gold. Link to comment Share on other sites More sharing options...
azazel Posted February 18, 2010 Report Share Posted February 18, 2010 Pounds going for a plunge. $1.55. I bet Soros isnt buy pounds at the moment. Link to comment Share on other sites More sharing options...
romans holiday Posted February 18, 2010 Report Share Posted February 18, 2010 Pounds going for a plunge. $1.55. I bet Soros isnt buy pounds at the moment. Nope... he's busy selling them! Link to comment Share on other sites More sharing options...
50sQuiff Posted February 18, 2010 Report Share Posted February 18, 2010 Pounds going for a plunge. $1.55. I bet Soros isnt buy pounds at the moment. That was one hell of a plunge from the Pound, wasn't it? Looks like my next monthly gold purchase is going to be the most expensive yet. Link to comment Share on other sites More sharing options...
romans holiday Posted February 18, 2010 Report Share Posted February 18, 2010 Even with a dollar rally all the way up to 90 odd, gold should not decline much below 1000 if the previous pattern is anything to go by: Link to comment Share on other sites More sharing options...
azazel Posted February 18, 2010 Report Share Posted February 18, 2010 Even with a dollar rally all the way up to 90 odd, gold should not decline much below 1000 if the previous pattern is anything to go by: I think golds going to $1350 in the next two months. Link to comment Share on other sites More sharing options...
romans holiday Posted February 18, 2010 Report Share Posted February 18, 2010 I think golds going to $1350 in the next two months. Could do. I'm thinking a major new parabolic high later this year, or early next year. If the dollar does remains relatively strong to other currencies, the fact that gold is strengthening in the aggregate against the world's reserve currency not only represents good prices but also something real. Link to comment Share on other sites More sharing options...
G0ldfinger Posted February 18, 2010 Author Report Share Posted February 18, 2010 Bloomberg changing tunes, or what? http://www.bloomberg.com/apps/news?pid=206...vlsEk&pos=7 Gold May Advance to $1,400 in 12 Months: Technical Analysis Feb. 18 (Bloomberg) -- Gold may climb to about $1,400 an ounce in the next 12 months, according to technical analysis by Chartered Market Technician Daniel Bruno, who advises banks and hedge funds. Link to comment Share on other sites More sharing options...
electroweak Posted February 18, 2010 Report Share Posted February 18, 2010 IMF takedown failed. Raise the discount rate. http://www.bloomberg.com/apps/news?pid=206...r3dgA&pos=1 U.S. Stock Futures Drop After Fed Raises Its Discount Rate By Michael P. Regan Feb. 18 (Bloomberg) -- U.S. stock-index futures retreated as the Federal Reserve boosted the discount rate it charges on loans to banks after the close of exchanges in New York. Futures on the Standard & Poor’s 500 Index expiring in March lost 0.6 percent to 1,099.5 at 4:33 p.m. in New York. Dow Jones Industrial Average futures expiring next month slid 41 points, or 0.4 percent, to 1,0334. The Fed raised the discount rate from 0.5 percent to 0.75 percent, saying the move will encourage financial institutions to rely more on money markets rather than the central bank for short-term loans. Link to comment Share on other sites More sharing options...
InternationalRockSuperstar Posted February 18, 2010 Report Share Posted February 18, 2010 The Fed raised the discount rate from 0.5 percent to 0.75 percent, saying the move will encourage financial institutions to rely more on money markets rather than the central bank for short-term loans. er, but isn't the Central Bank interfering in money markets also? Link to comment Share on other sites More sharing options...
electroweak Posted February 19, 2010 Report Share Posted February 19, 2010 Watch this space.... US cpi released today. http://www.bls.gov/cpi/#news Next Release: February 19, 2010 January 2010 CPI data are scheduled to be released on February 19, 2010, at 8:30 A.M. Eastern Time. Link to comment Share on other sites More sharing options...
carbon junkie Posted February 19, 2010 Report Share Posted February 19, 2010 RH, if you don't want to follow pix's charts just say why then shut the f up! Why do you constantly add so much 'noise' to the forum. Do you like the sound of your own voice or something? Its just noise and drivel. RH has infected this site by posting the same charts multiple times a day (why? what is the point?). Its clueless ramblings. I think many posters have just got fed up with this posters style the waffle covers up a distinct lack of knowledge. There is no point coming here and having to wade thru this bilge just to find some common sense. Link to comment Share on other sites More sharing options...
50sQuiff Posted February 19, 2010 Report Share Posted February 19, 2010 Its just noise and drivel. RH has infected this site by posting the same charts multiple times a day (why? what is the point?). Its clueless ramblings. I think many posters have just got fed up with this posters style the waffle covers up a distinct lack of knowledge. There is no point coming here and having to wade thru this bilge just to find some common sense. I think RH is an interesting philosophical and theoretical poster. I'd argue those qualities are more important than ever, given the social inflection point we seem to facing here in the West. It also sounds like he has plenty of 'skin in the game'. What's wrong with his posts? Link to comment Share on other sites More sharing options...
drbubb Posted February 19, 2010 Report Share Posted February 19, 2010 RH lost is temper, with some real justification, and has suspended CJ for one month. I will back him up, as I do all my Mods here. CJ seems to be operating with a "hair trigger" now, which is a shame. Link to comment Share on other sites More sharing options...
warpig Posted February 19, 2010 Report Share Posted February 19, 2010 CJ has been banned for this??? Its just noise and drivel. RH has infected this site by posting the same charts multiple times a day (why? what is the point?). Its clueless ramblings. I think many posters have just got fed up with this posters style the waffle covers up a distinct lack of knowledge. There is no point coming here and having to wade thru this bilge just to find some common sense. RH lost is temper, with some real justification, and has suspended CJ for one month. I will back him up, as I do all my Mods here. CJ seems to be operating with a "hair trigger" now, which is a shame. Link to comment Share on other sites More sharing options...
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