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| Soros has, over the lifetime of his fund, made more money for his clients than British Airways or Apple have earned in their entire history. |
George Soros, according to a recent study the world's most profitable hedge fund manager, opined on various investment topics during a recent symposium. Asked his opinion on gold, he repeated his view that it was in a huge bubble and was not a 'safe' investment...
Gold-fondlers the world over will be stamping their little tiny feet at his comments and will doubtless dismiss them as the rantings of a delusional old has-been. But his view is not remotely a surprise to anyone not caught on the bullion hype fish hook.
The question is not 'if' the bubble bursts, it's 'when'.
You can find Soros' brief and slightly cryptic video soundbite, and catch up with his views more generally, on the end of this link.
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| Gold: a great trip, just don't stay too long at the party |
Despite sentiment and technical conditions which would have sunk any other instrument, gold has stubbornly refused to fall and continues its march higher.
To me this is a sign of a rapidly approaching blow off top and is very reminiscent of the Nasdaq's final ascent into madness in 1999 when, while the 'smart money' tut-tutted, shook their heads and told their clients it would end badly, the world, his wife and their clients bought in to dot-com mania.
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| This is what you could be in for, gold fans - it seems the blow-off phase has not yet begun |
I've been asked several times by non-investor friends whether they should buy the shiny stuff - my answer is less important than the fact that the question is being asked. Remember when taxi-drivers used to give tips on internet stocks back in 1999?
All the signs are there for gold. If you are in already, the rocket ride may take you some way yet - just be sure to keep your finger hovering over that ejector button.
I WANT GOLD!
