- Prison Planet.com - http://www.prisonplanet.com -
Gold Bugs Defy Bear-Market Threat With Soros Buying
Posted By admin On June 6, 2012 @ 8:26 am In Money Watch | Comments Disabled
Nicholas Larkin and Debarati Roy
June 6, 2012
Gold is stuck in the longest slump in a decade as investors shun bullion for the dollar and bonds, just seven months after Bank of America Corp. said Europe’s debt crisis would send prices to a record $2,000 an ounce.
The bank was joined by Goldman Sachs Group Inc., Morgan Stanley and Barclays Plc in urging investors to buy in December and January. Now, after gold fell 10 percent in a four-month slide through May, they say prices will rebound this year or next as the Federal Reserve shores up the world’s biggest economy by easing monetary policy and devaluing the dollar.
Billionaire George Soros bought more in the first quarter and hedge-fund manager John Paulson held on to the biggest stake in the SPDR Gold Trust, the largest exchange-traded product backed by bullion, Securities and Exchange Commission filings show. Some investors are refusing to capitulate even after failed elections in Greece drove the euro to a two-year low against the dollar and gold slumped as much as 21 percent in December from the record $1,923.70 set in September.
“The $2,000 target has moved further away, but it still holds,” said John Stephenson, who helps manage $2.7 billion at First Asset Investment Management Inc. in Toronto and predicted in November that prices would reach $2,500 in the next several months. “We will see some easing, and that will push gold higher, but the reality is that we are on hold until the outcome of the Greece elections.”
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/gold-bugs-defy-bear-market-threat-with-soros-buying.html
URLs in this post:
 Bloomberg: http://www.bloomberg.com/news/2012-06-05/gold-bugs-defy-bear-market-threat-with-soros-buying-commodities.html
 Soros Buying Gold as Record Prices Seen on Stimulus: http://www.prisonplanet.com/soros-buying-gold-as-record-prices-seen-on-stimulus.html
 Gold, Platinum Lead Commodities Into Bear Market on Growth Risk: http://www.prisonplanet.com/gold-platinum-lead-commodities-into-bear-market-on-growth-risk.html
 No Bear Market In Gold: http://www.prisonplanet.com/no-bear-market-in-gold.html
 Why is George Soros selling gold and buying farmland?: http://www.prisonplanet.com/why-is-george-soros-selling-gold-and-buying-farmland.html
 Jim Rogers wary of buying gold at new high: http://www.prisonplanet.com/jim-rogers-wary-of-buying-gold-at-new-high.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.