TORONTO - Billionaire investor and philanthropist George Soros may be cutting back on his gold bets, but he says the precious metal still has some kick to it, as long as conditions like low interest rates prevail.
“The conditions for (high) gold are pretty perfect,” he said during a speech in Toronto Monday evening to accept the Globalist of the Year award from the Canadian International Council.
“The big negative is that too many people know this and a lot of hedge funds are very exposed ... Gold has a tendency to go parabolic,” he said, pointing at its tendency to fall as quickly as it rises.
In fact, gold fell for a third successive day on Tuesday to its lowest level in two weeks as a stronger U.S. dollar kept commodities under pressure, but spot gold was still above $1,300 an ounce.
Soros reduced some of his big bets on gold in the third quarter, trimming positions in miners including Barrick Gold Corp, Great Basin Gold and Newmont Mining. He left large positions in NovaGold Resources and Kinross Gold unchanged.
CHANGING WORLD ORDER
Soros also spoke on the changing geopolitical order, outlining his expectations for a rapid decline of the United States, equalled in speed only by the ascent of China’s economy since the global economic crisis erupted.
China, he told his audience — which included Bank of Canada governors past and present and CEOs from banks and corporate giants like Research In Motion — has been unscathed by the crisis and now has a better working economy and a better working government than the United States.
The present world order is on the brink of breaking down, he said.
“There is now a rapid decline of the United States and a rapid rise of China,” he said. “It is happening very quickly.”
He said that China got to where it is today by looking out for its own interests, but he warned that the Asian powerhouse would have to start considering the needs of others if the new world order is to emerge intact.
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Soros and his ilk seem to out for themselves. Global mercenaries that could careless if the USA folds as long as they can make money on it. Short sighted and foolish if you ask me. (nobody has)
ReplyDeleteclearly the US is Rome in decline but on a much faster pace. I urge people to get out of debt, store up food and buy silver and gold if possible. No nation have survied the printing of money, nor have they been able to progress under socialism. Wake up people America is doing both at the same time, QE2, SSI, food stamps, extended unemployment and a host of social programs cannot be paid for and will not last. America is the modern Rome, what a great nation she was...
ReplyDelete11:08 don't take it personally. Nothing lasts forever. One just has to change with the times, it's inevitable. SAVE YOURSELF and FAMILY.
ReplyDeleteAh, so childhood Nazi bagboy and currency manipulator/ComIntern devote Georgy Zhoros tells us that the US is in decline, China's ascending, and that in view of worldwide currency crises we should stay away from Gold ?
ReplyDeleteAnyone who invests in paper gold is a fool first of all, but his punch line ? ... that the Asian Ascendants should play nice with the West ? Hah
WTF would they want to; Western banking models have caused ruination to world economy. He essentially asks the East to defer to prior Authority because ... why ? The Rus, the Han and the Indus-Sindh are gonna be the main men in the future, the European Peninsula will be vassals of Russia finally, and Amerikwa is gonna undergo mongrelized devolution that continues during the last two years of Mau-Mau Man's politically-correct/white guilt usurpation of the Executive Office
Prepare accordingly. Tangibles first. Capital preservation via PMs only then. Paper stock in gold ... sure George, we'll get right on that you Hunky SOS
kings of the east are mentioned in the latter times..seems america isn't much of the great player then..watched some of the world economic forum in around 2007 and H. kissinger was saying much the same..in the process of changing the center of gravity from the west to the east..that el.erian(pimco) said same also..handing off the baton, the handoff is the most critical as we'd like it to be orderly without accident...noticed none saying trying to save US or the model or stop it..but driving it, making it so, in favor of this and going to be enriched I'm sure
ReplyDeleteLets not forget who was very instrumental in forming the E.U.
ReplyDeleteIt is now disinegrating before our very eyes. Proving yet again socialism just doesn;t work
Also - listen when he states " China got where it is today by looking out for it's own interests"
No !
You don't suppose !
No wars ? No pensions ? No unions ? No unemployment Insurance? No Green Peace ?
That's just amazing George; you sure are one smart old fogey - no wonder your so rich with all them smarts you got.
Here's one thing any person with a brain should listen to, if George Shwartz tells you to do something, do the opposite. If you take his advice you'l end up doing exactly what him and his billion dollar media machine will have wnated you to do so he can collect your wealth.
ReplyDeleteWho wrote this little article anyways? Philanthropist? Isn't that what he called himself in the Ukraine and Serbia before their nation erupted in a violent revolution while he took off? Well, he's got a place ready for him and his family in Singapore. He just helped destroy America, now he's got to go do some other 'experiments'.
Who is this Soros, the "free trade" billionaire, anyway ?
ReplyDeleteOf what country (countries?) is this cosmopolotan vulture capitalist speculator a citizen?
Is he perhaps a citizen of the world of finance ?
In what country or tax havens do his companies or "human rights" philantropic foundations and NGOs crowd pay, or not pay taxes?
Perhaps his church of international free trade is tax exempt in many countries.