George Soros is buying gold?
Sally asked:
I just read that Mr. Soros is buying gold. Do you think he is planning on shorting the dollar? Seems kinda strange to me. Afterall, he was big in financing the Obama ‘08 campaign…has he lost faith in Obama? Or did he set up Obama and the Democrats for a fall knowing that their budget deficits would bankrupt the country, and thus make gold much more valuable?
MVD34…I just reread my post and fail to see where I said that Mr. Soros is selling everything to buy gold. Is Mr. Soros, actually only buyng gold ETFs, or is he purchasing physical gold? And why? After all he made no secret of his desire to see this administration take office. Has he already lost faith in what he told us to support? I would think that if he really believed in the current administration that he’d put his money where his mouth is….in the recovery of the US economic system and buy dollars. I do think that increasing one’s gold position by a 152% stake shows that you have little or no faith in the recovery.
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I just read that Mr. Soros is buying gold. Do you think he is planning on shorting the dollar? Seems kinda strange to me. Afterall, he was big in financing the Obama ‘08 campaign…has he lost faith in Obama? Or did he set up Obama and the Democrats for a fall knowing that their budget deficits would bankrupt the country, and thus make gold much more valuable?
MVD34…I just reread my post and fail to see where I said that Mr. Soros is selling everything to buy gold. Is Mr. Soros, actually only buyng gold ETFs, or is he purchasing physical gold? And why? After all he made no secret of his desire to see this administration take office. Has he already lost faith in what he told us to support? I would think that if he really believed in the current administration that he’d put his money where his mouth is….in the recovery of the US economic system and buy dollars. I do think that increasing one’s gold position by a 152% stake shows that you have little or no faith in the recovery.
March 24th, 2010 at 4:01 am
Hold on there…are you sure you have the whole picture?
I don’t think so — not if you have the picture that Mr Soro’s has been selling everything he owns to buy gold. In absolute terms, Mr Soro’s investment fund owns a lot of gold through the GLD ETF, but in terms of gold bugs his investment is modest. A portfolio position in line with a standard hedge. Nothing to get all excited about.
In a word, you are far, far out of bounds based upon Mr Soro’s actual investment in gold. MVD34
March 25th, 2010 at 3:08 am
Will you marry me? ME
March 28th, 2010 at 4:28 am
It does indeed seem that the country is headed for bankruptcy. And it was way before Obama took office. He is just throwing gasoline on the fire. Soros is not the only one buying gold. He does seem to own a rather large holding of GLD, about $600 million worth, but that is only about 6% of his portfolio. I might add though that it is his largest holding. I am not sure though whether one should read too much into the fact. His 2nd largest holding is Citigroup. I wouldn’t touch that for anything. That holding is down 16% from what he bought it at. Dropped about $40 million there. muncie birder
March 28th, 2010 at 5:59 pm
Does seem odd that Mr.Soros, of all people, would be doing this if he really believed that Mr. Obama was right for the country. Of course, his relationship with Goldman Sachs and the current administration wouldn’t have anything to do with it….yeah, like hell it wouldn’t.
As I am back in China, for now, I can you that people here are doing the same as Soros….sell anything dollar-denominated! I have sold out of my Forex and betting the house on gold and gold ETFs. Your mileage may vary……. Yanling C
March 30th, 2010 at 2:55 am
To be honest, I don’t follow Soros ..at all, so I can’t give you even a halway righteous detailed answer;
However, perhaps it’s best to consider the possibility that he may be thinking globally and not just nationally in the matter. There are many nations in financial turmoil which can create currency problems with domino effects. itsjunglepat