Reuters
4/8/2013
Institutional investor George Soros said gold has been destroyed as a safe-haven asset, but expects continued central bank buying to support prices, the South China Morning Post reported.
“Gold was destroyed as a safe haven, proved to be unsafe. Because of the disappointment, most people are reducing their holdings of gold,” Soros told the newspaper in an interview published at the weekend.
“But the central banks will continue to buy them, so I don’t expect gold to go down. If you have the prospect of a crisis, you will have occasional flurries or jumps. So gold is very volatile on a day-to-day basis, no trend on a longer-term basis.”
Soros, who called gold “the ultimate bubble” in 2011, slashed his position in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, by more than half to 600,000 shares in the fourth quarter of 2012 from 1.32 million in the third quarter…
The article continues at Reuters.
Related: Backlash to Soros’ Drugging of America
The most successful campaign initiated by billionaire hedge-fund operator George Soros has been the legalization of marijuana. California has been the focus of most of his efforts. But there are indications that the campaign has gone too far, too fast in Colorado, prompting a backlash from the black Democratic mayor of Denver, who fears his city is becoming a new capital for the marijuana industry…
H/T Gulag Bound
Update: Schiff v. Kudlow: What Gold’s Drop Signals for America’s Future
