Soros is wrong. But, then, Soros is also a Socialist. He, more than most, should be a believer in fiat money. He is also self-serving. Who knows if what he SAYS has any correlation at all to how he INVESTS. In fact, he'd be pretty stupid to say what he thinks since he's rich and influential enough for his words to drive up the prices on the things he considers undervalued.
Then gain, that could be what he's trying to do if he's already moved in that direction.
Soros Sees Gold Prices on Brink of Bear Market
By Nicholas Larkin, Maria Kolesnikova and Debarati Roy - Dec 29, 2011
Bloomberg.com
Gold is poised to complete its 11th consecutive annual gain, the longest winning streak in at least nine decades, on the brink of a bear market.
George Soros, the billionaire who two years ago called it the “ultimate asset bubble,” cut 99 percent of his holdings in the first quarter, Securities and Exchange Commission data show. Hedge fund managers John Paulson, Paul Touradji and Eric Mindich also sold bullion this year. While speculators in New York futures are the least bullish (.MMGCNET) in 31 months, the median estimate in a Bloomberg survey of 44 traders and analysts is for prices to rally as much as 40 percent to $2,140 an ounce in 2012.
The divergence of views is widening after prices declined 19 percent from a record close of $1,900.23 on Sept. 5, or 1 percentage point away from a bear market. As some investors retreated to cash amid a $10 trillion slump in global equity values since May, others bought more metal, taking holdings in exchange-traded products to an all-time high two weeks ago. Bullion’s 7.6 percent gain in 2011 means it’s on track to beat stocks, bonds and the dollar for a second straight year.
“It’s done its job this year of protecting investors,” said Michael Cuggino, 48, who helps manage about $15 billion of assets, including $3 billion in gold, at Permanent Portfolio Funds in San Francisco and correctly predicted in February that prices would keep rising. “Gold has been all over the place. If you bought gold at $1,800 then you aren’t too happy. Some people will get out of gold, but the longer-term investors will remain.”
More: http://www.bloomberg.com/news/2011-12-29/gold-bubble-seen-by-soros-ends-bull-year-on-bear-market-brink-commodities.html
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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