Sep

20

sorosI'm still waking up in the morning trying to decipher this statement as I look at Cotton, Soybeans, Sugar…what time frame…what context, what… whatever else?

For someone as "learned as Soros", besides talking about his book, who is missing what? :

Billionaire financier and political activist George Soros shared his thoughts on topics ranging from Japan's yen intervention to the European debt crisis at the Reuters Newsmaker event on Wednesday. According to the host's coverage, Soros remains bearish on the U.S. economy, noting, "If I had to sum it up in one word, I would say 'blah,'" and there may or may not be a double-dip recession.While Soros is never shy about voicing his opinion on the global economy, the billionaire made particularly interesting remarks on gold prices, where his namesake hedge fund, now actively managed by his two sons, is invested. "Gold is the only actual bull market currently," Soros explained, adding "It will be very interesting to see if there is a decline in the next few weeks," and, "It's certainly not safe and it's not going to last forever.

"Recall that earlier this year, Soros called gold the "ultimate asset bubble," as his hedge fund was more than doubling down on its position in the SPDR Gold Trust (GLD). At the end of the second quarter, the ETF was still the largest position among Soros Fund Management's top-15 U.S.-listed equity holdings, as disclosed in 13F regulatory filings. The firm was reducing its position in the gold trust and miner NovaGold Resources (NG) during Q2, but it left the Kinross Gold (KGC) position largely unchanged.

article here 

Anatoly Veltman comments:

An 80-year-old trying to keep $20b working can't possibly mind some of the frisky markets you and I both love.

Hany Saad comments: 

Soros sports the nasty habit of actually riding a bubble knowing it's a bubble. This seems to have paid off handsomely over the years. Gold is a metal of no industrial use that keeps going up largely due to a universal psychological flaw that it is the only hedge against recession. A lot of similarity between the behavior of Gold and the tulip mania may be, yet fighting it might not be a winning proposition right now.


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