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Soros: “I Don’t Expect Gold To Go Down”
From GoldCore
Soros: “I Don’t Expect Gold To Go Down”
Today’s AM fix was USD 1,577.25, EUR 1,212.80 and GBP 1,029.60 per ounce.
Friday’s AM fix was USD 1,552.75, EUR 1,207.42 and GBP 1,019.60 per ounce.
Gold climbed $25.90 or 1.67% to $1,579.10/oz and silver rose 42 cents or 1.6% to $27.29/oz on the COMEX on Friday. Gold and silver were down 1.07% and 3.77% for the week.
Cross Currencies Table – Bloomberg
Gold futures in Tokyo jumped almost 5% to near all time nominal highs, marking their sharpest daily rise since September 2011, after the yen dropped to near four-year lows on reports that the Bank of Japan would begin buying longer-dated bonds immediately and due to concerns about a currency crisis in Japan after George Soros warned of a potential “avalanche” of yen selling.
That “avalanche” would appear to have begun with the yen having fallen by 8% against gold in 3 trading days since last Thursday.
Overnight in Tokyo, gold futures surged to 5,025 yen ($51.71) per gram, near the record high of 5,081 yen per gramme touched in February. The BOJ is set to buy 1.2 trillion yen ($12.35 billion) of government bonds with a maturity of over five years this week. The measures reek of desperation and will lead to a further devaluation in the at risk yen.
Yuichi Ikemizu, branch manager for Standard Bank in Tokyo told Reuters that "if the yen goes up to 100 (USD) then we have quite a good chance to try higher prices for TOCOM gold."
Last week, the BOJ promised to inject about $1.4 trillion into the economy in less than two years, a gamble that saw the yen tumble 8% against gold from 0.144 million yen per ounce last Thursday to over 0.156 million yen per ounce this morning.
Gold in JPY (2 Months) – Bloomberg
Soros has made headlines again this morning after an interview done in the South China Morning Post.
Excerpt of Soros Interview with South China Morning Post:
What is your view on gold?
A: That’s a complicated question. It has disappointed the public, because it is meant to be the ultimate safe haven. But when the euro was close to collapsing in the last year, actually gold went down, because if people needed to sell something, they could sell gold. Therefore they sold gold. So gold went down together with everything else.
Gold was destroyed as a safe haven, proved to be unsafe. Because of the disappointment, most people are reducing their holdings of gold. 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.
In the interview, Soros makes some somewhat contradictory comments about gold. Soros said regarding gold that he did “not expect gold to go down” due to central bank adding to their gold reserves.
Soros notes that “the public” has been selling gold because they are “disappointed” because gold is “meant to be the ultimate safe haven” and yet is has not acted that way despite the “euro being close to collapsing last year”.
In the aftermath of the euro nearly collapsing, Soros says that gold was “destroyed as a safe haven” and “proved to be unsafe”.
Soros may be suggesting that the public’s perception in recent months that gold is no longer a safe haven has led to the less informed public selling gold, unlike more prudent central banks.
Soros can speak cryptically at the best of times and his choice of words are very important. Soros spoke in the past tense, using the words "was" and "proved" in relation to gold not being a safe haven during the euro crisis of 2012.
It is worth noting that the public perception is inaccurate as gold rose in all fiat currencies in 2011 and again 2012.
Gold in JPY (3 Years) – Bloomberg
As one of the most erudite investors in the world, Soros knows that long term gold remains a safe haven as shown in academic research and history including recent history since the financial crisis began.
Soros understands gold’s value as a diversification and as a store of wealth unlike some of the more sensationalist elements of the online financial media who reported Soros’ comments with a very anti gold bias.
People from all over the world who had euro deposits in banks in Cyprus have realised gold’s importance as a diversification and a hedge against counter party and systemic risk.
Japanese people who own gold today are realising gold’s importance as a diversification and a hedge against currency devaluation.
Global diversification remains fundamentally important for savers and investors internationally and will protect from inflation, currency devaluation and confiscation in the coming years.
Gold slips as fund shift seen intact, TOCOM up on yen - Reuters
Gold Resumes Decline as Investors Cut Holdings, Dollar Advances - Bloomberg
Trust in Gold Not Bernanke as U.S. States Promote Bullion - Bloomberg
Fed Faces Risk of Fourth Summer Slump While Pushing QE - Bloomberg
Gold to remain in demand medium to long term – Commerzbank - Mineweb
Sinclair – Stunning Shift In US Government & Fed Gold Policy – JS Mineset
Jim Rogers: “I Suspect They’ll Take The Pension Plans Next; I For One Am Worried, And I’m Taking Preparations” – Bull Market Thinking
Dumb money goes short silver, smart money unloads its shorts – Got Gold Report
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I expect Soros to die.
We lost the Iron Lady but Captain Evil is still here.......talk about a screw job.
Gold was destroyed as a safe haven
I think George must be in Bitcoins......thank goodness he's safe.
"Down"? To what?
I was in a local coin shop on Saturday. They are fairly large volume for a local business. Their price on silver Eagles was spot plus $6, which worked out to about a 22% premium. But it mattered little at the time, as they were sold out.
A friend of mine picked up some eagles at $660/20 on Friday. He subsequently lost them in a boating accident on Saturday. I'm...uh, he was pretty happy they had inventory at all!
Gold may not go down, but Becky...
+1! No local shiny shiny here. Price? Blah! Supply, zilch. Seems like the weak hands are not weak afterall, Soros. Of course, if that is ALL you have left, you will sell your shiny shiny for worthless fiat and unwind the good you had done. C'est dommage.
Im wondering if some CBs , think FED, are buying/bidding up Bitcoins, as a distraction from the pms.?
Cant have competition from the sheeple with buying real assests
Somehow I doubt they are adding to the humiliation that bitcoin is serving up to them.
$200 for a bitcoin!!! This thing is out of control, I can see a tyler bitcoin article in our near future today
on a long enough time line......
On a long enough timeline the survival rate for everyone drops to zero
So best case scenario now is hoping gold at least won't go down too much?
What a shit sandwich.
More gold for less paper is bad cause why?!
Reposting a comment I made a couple of days ago in the Italian Gold Brick "Repatriation" thread:
Fun facts:
Growth of US debt from 1981 - 2012: 1071% (Source: Fed Flow o' Funds)
Growth of nominal GDP from 1981 - 2012: 502%
Growth of real GDP from 1981 - 2012: 227%
Growth of the price of gold (in USD) from 1981 - 2012: 416%
Growth in the price of the Dow from 1981-2012: 1498%
If gold tracked the growth of debt, it would have ended last year at $4,260/oz.
If gold tracked nominal GDP, it would have ended last year at $1,997/oz.
If gold tracked real GDP, it would have ended last year at $903/oz.
If Dow tracked the growth of debt, it would have ended last year at 9366.
If Dow tracked nominal GDP, it would have ended last year at 4390.
If Dow tracked real GDP, it would have ended last year at 1985.
So, when people tell me that "gold is in a bubble", and "you gotta be in stocks", I tend to view those people as being remarkably stupid.
Wishful thinking. Anyhow, we need him as a petrified contrarian indicator. The avaricious fuck speaks with forked tongue and you can bet he is buying Au with all tentacles while blowing hot air out of some orifice.
On a long enough time line...
Given what typically happens to old men, that is not a really an irrational expectation.
Quite possibly, the foulest son of a bitch on the planet living today.
Why do you put it so mildly? Actually no words come to mind regarding someone of such low character. Able to sleep at night destroying dreams, rewards of such hard work of so many millions... Sleep well George, sleep well. Someday you will be have a chance to explain to HIM why you did what you did...
Funny how none of 'them' are ever worried whatsoever at all about being held accountable to some 'higher power'? Interesting.
Because they *think* their 'god' that 'they' worship is more powerful - and it can out wit, out muscle the real true one God.
But it wont...evil maybe winning the current battle (and its been a long one) - but it will never win the war.
.
This goes way beyond financials...they can print off all the money they want.
.
Its the possesion of our will and soul that they want and gives them the ultimate pleasure...
Bow before Mammon now!
HONESTLY it’s because they work with the same people who belong to the same groups that gave you every myth of every god you ever followed. They know it isn’t real because their groups wrote the books you learned from. It’s all mind-control slavery
Don't call him a cunt or you'll have the Nancy Brigade junking you.
Cough, cough, Dick Cheney, cough.
I notice that Soros never bothers to differentiate gold from 'paper gold'... [so I take it he doesn't know or understand the difference ~ rolls eyes]
Posted by Jack - 03/06/09 at 05:06 pm
”Gold just seems to make sense; it’s a store of value,” said CEO Edward Zore. “In the Depression, gold did very, very well.” The insurer bought around $400 million in gold, and Zore believes that position could quintuple if the economy continues to weaken.
http://www.wallstreetreporter.com/2009/06/why-did-insurer-northwestern-m...
The comments about central banks 'accumulating' is completely fuzzy...
Bullion movements are very secretive... Theoretically ~ all western central banks have to do is buy all the GLD shares that Soros [& others] had in their portfolios... Once a shitload of those are sitting on a dusty warehouse shelf, it doesn't seem very hard to dump as many as you wanted [from the same, or a coordinated source] to control the paper price... If it even comes down to it, it helps that the supposed GLD bullion warehouse is co-located...
People like Soros were somewhat rewarded by their positions in GLD... Now the game is to let them redeem their fiat profits & move on elsewhere [with the handshake agreement that they don't rock the bullion markets]...
Fuzzy is good.....especially when it's cloaked in secrecy.
I think they would avoid investing in their own ponzi scheme.
And don't forget the University of Texas Endowment Fund.... they still holding that, right?
Bah! They’re only up 77%.
Honestly expect us to believe that you're running to the other side of the ship again?
when was the euro close to collapsing last year?
Yea I guess he leaked that the Euro almost collapsed last year, but they fixed it with free Euro's.
It's a miracle!
"Destroyed as a safe haven"? Negative.
Sell gold; buy silver, hedge with BTC -> path to enlightenment and happiness.
http://www.nbc.com/saturday-night-live/video/woodrow-the-homeless-man/n11370/
We remain unsold on Bitcoin. We hedge with tomatoes, chickens, taters, and the ingredients to make beer.
Well I hedge with tinned food, and freeze dried food. Fingers in all the good pies.
Sure, but you would rather have fresh wouldn't you? We can help you! But we won't be trading eggs for Bitcons any time soon.
I prefer fresh, but I don't consider fresh food a hedge.
If gold does truly go parabolic, Those Items you have hedged with will be worth their weight in It.
Amen
what varieties of hops you growin?
Cascade, Pride of Ringwood, and Willamette. Others didn't make it RIP...
"Sell gold; buy silver, hedge with BTC -> path to enlightenment and happiness."
Actually, being happier with less is route to enlightenment. Stressing about gold or BTC or 1s and 0s in the bank is a maladaptation of recent few (dozen) generations.
It was destroyed as a haven because of the way it went up, not because of the way it went down. Shouldn’t one wait until the crisis has actually finished before assessing how different assets performed?
What is your view on gold?
A: That’s a complicated question.
No, that is a simple question. But given your track record, we're sure your answer will be quite complicated.
The more dishonest an answer is, the more complicated it must be.
The obfuscatory bloviations and Mobius-Strip-like semantics of Alan Greedspasm come to mind here.
Soros is the worst example of a human being ever put on this earth. . .and he's on the other end of Barry's Blackberry. God Bless America.
should probably turn off the clown circus aka glenn beck.. and unplug.. obviously.. you've been.. "affected" just a tad too deeply...
Gold wasn't particularly pricey the day before they made it illegal in 1934.
One day you could legally own it, the next day you couldn't.
Bring it.
Lost mine in that boating accident, my guns too... Luckily I made it to shore okay...
Soros is a clever man but his evil will outdo him in the end.
His words betray an ignorance about gold. He still will not admit gold to being the ultimate tradeable, transportable, and universally acknowledgeable item across people, time and place.
People and places are in turmoil but when time has run its course, then those that held gold may not become wealthy but they will have a base from which to re-commence life after a collapse.
All I can say to Soros is for him to go to Spain and see how easy it is to sell a car, furniture, an apartment etc compared to gold. There is no comparison. When he refers to gold being sold by people he is referring to the great gold drain that took place right across Europe since the GFC.
What do people sell next Mr Soros?
well he did say that gold will be the "ultimate bubble".
(emphasis on *will be*)
If gold went down in a free market, then it would mean the public had lost faith in gold. However, is gold traded in a free market?
The problem is not just the absence of a free market. The greater problem is the absence of the free mind thanks to all the propaganda and misinformation and poor quality reporting.
Replace Bond with Soros.
http://m.youtube.com/watch?v=U1TmeBd9338
Sooo, this means the Soros is buying gold with both hands?
Yes, with both tentacles.
Soros is 82 years old and has $22 billion in wealth he's trying to preserve from governments eager to get it. What better way than to put it in gold?
Mind, $22 billion buys about 20% of the world's annual production so it's best to not sound too interested.
what freaking difference does it make at 82? Maybe for the heirs who are all probably checking every minute on his health to see if there's any hope for a quick death?
What is it with these octogenerian billionaires?
Once a sociopath, always a sociopath, even to the bitter end.
Gold "destroyed". Right.
http://tradewithdave.com/?p=16116
So, the weak hands traded real money to double down on shit stocks and paper. What a surprise. That's all he's saying here. This actually reduces the risk and cost of owning gold. And we all know what happenes when the weak hands run out of real money.
Believe me when I tell you that people did not sell their gold jewellery to buy stocks and paper. They sold it to pay for living expenses in desperate times. People would be shocked if they knew how much gold has been sold since the GFC struck in Europe.
If it is so bloody worthless then why doesn't the US send Germany's gold back immediately? Why store useless stuff in the vault.
I believe Mr. Soros was discussing hedge funds and other traders of size, not the people going to the Cash 4 Gold stand in the mall, slick.
Since when are hedge funds referred to as "the disappointed public?"
I guess by "public" he meant public companies like JPM selling gold paper. At least the obfuscation is consistent. The choice of words and interpretation reminds me of Daman Wayans reciting poetry from behind prison bars on In Living Color.
"If it is so bloody worthless then why doesn't the US send Germany's gold back immediately? Why store useless stuff in the vault."
Because they don't have it and it will take 7 years for Mali's gold production to fulfill Germany's request. There is no 300 tons of gold sitting in a vault allocated to Germany anymore and both the U.S. and Germany know it.
Soros actually ownes a ton of physical but this isn't official and won't be any time soon.
Yes, but where does he keep it?
He keeps it in his basement next to the loot he took from the Hungarian Jews in 1944.
You don't own it unless you hold it...
In the squid lair located in the straits of hormuz.
He had reserved a vault in Hell for it.
With large institutional custodians. If you have billions in assets, you can't bury it in the backyard.
What IS official, is when he and the other cretins the sheeple look to for advice dumps GLD in mass quantities.
Why should we complain about THAT? It creates more buying opportunities for us.
Physical gold is somewhat like a passbook savings account (unsecured loan to a bank). They both earn no interest and they can both go down in value. The big differences are that gold goes up in relative price to the savings account when the Fed inflates (which it has decided that it ALWAYS will do, forever) and there is a risk from different people stealing the stashes.
In the case of gold one has to worry about the burglar and with the savings account, the bankers themselves.
In the end however, neither are productive assets.
The only thing that makes gold go down is an intervention. Soros hears about that beforehand. Now he is telling you the intervention is over. So he doesn't expect gold to go down.
OK, so the Nazi doesn't lie?
He lies about why he does things. He is a straight up insider trader. He launders money for central bankers and politicians. They tell him what they are going to do and he runs their money for them. He is a crook and a looter, like all of his clients. Jim Rogers is right up there with this cocksucker. The myth that he broke the pound is one of the weakest cover stories for knowing about a coming devaluation that I have ever heard. Soros represents everything that is wrong with our banking mafia.
What he is doing now is the bane of all supervillians. He is doinga monologue because he can't STFU about how smart he thinks he is. He is telling you how the CBs are now realize the need for a higher gold price and they are going tomake it happen. He started this crap on Friday.
So if they are all buying, who's selling? Raiding Gaddafi's loot?
Gold going down is due to central banks shorting it with heavy volume every morning at 8:30. They are trying to keep inflation under control, according to Benny. The reason they can't push it down any further is due to people buying physical gold. Soros wants to control the world and the USA is standing in his way. As long as we have gold and guns, he will not be able to finish is task!!!!
Die evil man!!!!!
it all boils down to the question - what percentage of gold is held by people in debts.
If i have a mortage and keep savings in gold what will i do if i lose my job ? Of cause I shall start selling gold
Those who think gold will rise in value will be cagey about their remarks (see China) so that gold can be bought at a relatively low price before the herd moves in to spike the price.
On the day I find out Thatcher has kicked off,
I find the Nazi, spouting bollocks is still hanging around?
Fucking surreal, go fuck yourself George, even better, follow Marge.
Double dealing, inside trading, nation wrecking cunt.
That disgusting reptile has probably made a pact with the devil to take all his moaney with him when he finally kicks off.
Gold monthly trend indicates more downside.
http://bullandbearmash.com/chart/spot-gold-monthly-climbs-marginally-march/
Soros/Schwartz opinion is more of a ramble. Hardly useful.
i hope gold goes way down !!!! buy buy buy !!!
Which zypriot is better up. The one with a chest of gold coins at home or the one with
a bank account?? guess.
Gold is "innate" as the only safe haven in all humanity,, that is, those with culture.
~75$ of all humanity believe in Gold; this doesn't include the "white tribes" - generally speaking.
Only the "whites" are ignorant of "Gold" as the Singing Sword of Natural Justice.
Down goeth the West. Say Good Night, Dick
Ho hum
Hope someone pops a cap up this old geezer's skull soon. I need the laugh.
Soros, you'll understand if I don't trust the word of someone who led his own people into concentration camps, mmkay?
One must think ahead of opportunities..
"No trend on a longer term basis."
Closing price of gold 1792 - $19.39
Closing price of gold 2012 - $1,664
Yea, I don't see any kind of long term trend either. It's a mystery.
http://onlygold.com/tutorialpages/prices200yrsfs.htm
Gold was destroyed as a safe haven, proved to be unsafe. Because of the disappointment, most people are reducing their holdings of gold. 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.
I think you have that backwards there you fucking fabian socialist truth distorting asshole Soros.
With that statement alone I am comfortably sure we know who is the puppetmaster behind the socialist destruction of America.
Someone really needs to liquidate his holdings in the carbon market.
Translated, tide on paper gold is about to recede because investors are calling in too much paper since the physical (which is safe) demand is up. Central Banks like the Federal Reserve need to hoover as much physical as possible and buy as much of that rehypothecated paper as possible (just trade it for junk on it's balance sheets like MBS securities) to cover the call ins on paper or else the emperor riggers likes JPM are exposed as having no clothes. The trust crisis then implodes the whole fractional etf market.
Soros is right about one thing ... gold is moving from speculative hands to long-term holders who will never give it up.
Looks like he bobs for fried dough. His prescription bottles probably fill a small house.
Without crony capitalism and insider trading, this guy couldn't make a buck to save his life. A complete socialist tool who feels comfortable telling you how to live your life, but of course the "rules" don't apply to him.
http://www.vegasxau.blogspot.com
Gold is not a safe haven... It is real wealth...
Not a safe haven? It has been so for me since 1992, but what do I know...
In the interview, Soros makes some somewhat contradictory comments about gold. Soros said regarding gold that he did “not expect gold to go down” due to central bank adding to their gold reserves.
Soros notes that “the public” has been selling gold because they are “disappointed” because gold is “meant to be the ultimate safe haven” and yet is has not acted that way despite the “euro being close to collapsing last year”.
Soros makes perfect sense. Gold hasn't been a safe haven for the general public i.e. weak hands with a short time horizon. In the long term, the price isn't going down for strong hands i.e. the banks.
If you think TPTB are going to let the little guy collect rent holding a rock that does nothing but cause TPTB trouble, then we'll have to disagree. You want to make money from gold? You'll have to earn it. The price that will be extracted by TPTB if you don't? Your entire stash. Gold is no panacea. One way or another the little guy will be made to earn his keep.
That hurts doesnt it? haha. All the Zero Hedgers dont want to admit, that gold is NOT what they think it is. Gold WILL go down folks.
Gold was destroyed as a safe haven, proved to be unsafe.
Uuhhmmm, WRONG !
It's all a cover. He may have dishoarded GLD, which is a ponzi scheme anyway, but he is hoarding the physical. In other words, he's exchanging paper for physical. It's as simple as that.
Gold?
There is a near infinite supply of it if 'gold' is defined as paper promises to supply gold in the future. There is also a large supply of physical gold. Today these are priced by the same mechanism. Any entity with a central bank behind it or any bullion bank can promise gold in the future. They can sell short. It will only become interesting when the suppliers of the small amount of physical gold, that must be available to make the market work, decide not to offer it.
That will be the day!!
Until then we may see the 'price of gold' fall and continue to fall. When it reaches the point where no one will part with physical we will see a new price, for physical only, and it will not be a mere $2000/ ounce.
The price of gold in FIAT is not the same as value.