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Soros Buying Gold as Record Prices Seen on Stimulus

Posted By admin On November 20, 2012 @ 9:57 am In Money Watch | Comments Disabled

Nicholas Larkin and Debarati Roy
Bloomberg [1]
Nov 20, 2012

Gold’s 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever.

The metal will rise every quarter next year and average $1,925 an ounce in the final three months, or 11 percent more than now, according to the median of 16 analyst estimates compiled by Bloomberg. Paulson & Co. has a $3.67 billion bet through the SPDR Gold Trust (GLD), the biggest gold-backed exchange- traded product, and Soros Fund Management LLC increased its holdings by 49 percent in the third quarter, U.S. Securities and Exchange Commission filings show.

Central banks from Europe to China are pledging more steps to boost growth, raising concern about inflation and currency devaluation. Investors bought 247.5 metric tons through ETPs this year, exceeding annual U.S. mine output. While both sides said talks Nov. 16 between President Barack Obama and Congress over the so-called fiscal cliff were “constructive,” the Congressional Budget Office has warned the U.S. risks a recession if spending cuts and tax rises aren’t resolved.

Full article here [1]

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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/news/2012-11-20/soros-buying-gold-as-record-prices-seen-on-stimulus-commodities.html

[2] Gold Bugs Defy Bear-Market Threat With Soros Buying: http://www.prisonplanet.com/gold-bugs-defy-bear-market-threat-with-soros-buying.html

[3] Soros Signals Gold Bubble as Goldman Predicts Record: http://www.prisonplanet.com/soros-signals-gold-bubble-as-goldman-predicts-record.html

[4] Soros Privately Doubled Gold Investment While Publicly Trashing Precious Metal: http://www.prisonplanet.com/soros-privately-doubled-gold-investment-while-publicly-trashing-precious-metal.html

[5] Speculators Grab Gold Faster Than Mines Can Produce It: http://www.prisonplanet.com/speculators-grab-gold-faster-than-mines-can-produce-it.html

[6] Gold Rallying to $1,500 as Soros’s Bubble Inflates: http://www.prisonplanet.com/gold-rallying-to-1500-as-soross-bubble-inflates.html

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