Soros is selling his gold — should you too?

[Hatha Sunahara]

This article below doesn't mention that Soros sold $800 million in paper gold--GLD, IAU iShares, etc.. That might have been the reason for the massive dip in POG down to ~1360 earlier this year. It also says nothing about how much physical gold Soros owns. So, anyone who owns paper gold might want to follow his lead.

I am of the opinion that POG is more closely tied to the value of the dollar than to any other market indicator. It doesn't take a degree in rocket surgery to see where the dollar is headed. Soros is just trying to hype up a bubble scenario to drive down the price so he can snatch up physical gold really cheap and make a killing. That's what he's good at--speculating--not investing.

Hatha


Soros is selling his gold — should you too?[/size]
Commentary: He thinks he timed the bubble, but real bugs know better

LONDON (MarketWatch) — It could be brains. Or it might be intuition. Or it could just be luck. But whatever it is, it has allowed George Soros to read the market right over a long period of time. So when an investor of such legendary ability calls the top of the greatest bull market of our times, it is no great surprise that the world sits up to listen to what the man has to say.

In the first quarter of this year, Soros dumped around $800 million of gold. Should you follow his lead?

Not this time.

Gold is getting close to bubble territory. The price has rocketed upwards, and any asset that has been on a 12-year bull run has to be getting close to its top. The peak will come one day.

(More here:)

http://www.marketwatch.com/story/soros-is-selling-his-gold-should-you-too-2011-06-06

[mightymanx]

Classic "dump fake buy on the dip" tactics that he uses continusly but by magic people don't catch on to this they follow blindly.

People would be well served by doing the exact opposite of this pied piper of economic destruction.

The planet would be better served if he recieved a 147 grain present to his head.

[Shami-Amourae]

I tend to read the comments before I even read the articles, and the comments are full of the truth. I just don't get how people can be dumb enough to listen to this NWO shit anymore.

[Ragnarok]

He didn't call for delivery? Dang!

R.

[keehah]

Did he even sell any gold? Or just existing the risky fraudulent paper gold scams? ;)

On the one hand...

On the other hand...

The truth is somewhere in the middle...
:baa

But gold is mainly a psychological asset. It’s worth something because other people think it is. There are no reliable yardsticks against which we can measure its value.
What other part of human civilization has a better 'reliable yardstick' than gold? ::)

[Ponce]

Pretty smart of him......he sells his paper gold and every one sell their paper gold AND physical gold and then he turns around and buy all the physical gold that he can with what he made with his paper gold..... it is time to buy physical because........................................... .....

"IF YOU DON'T HOLD IT, YOU DON'T OWN IT".......Ponce

I would like to believe that he read the above and did it because of it........hey, is my ego talking ;D

[Neuro]

Gold is the ultimate SHTF currency, in the extreme it is surpassed by food, but food has a limited shelf life, gold doesn't. Paper gold doesn't have ANY SHTF usage. If Soros didn't buy physical gold for the cash he received when selling his paper gold in the first quarter, then he clearly made a loss. He would have been better off selling at the end of April...

[beefsteak]

Well, I thanked you too soon, mightymanx

...I didn't read the 147grain to the head last comment of yours when I hit the thankyou button.

I do not wish murder upon anyone, that includes Soros. There are other ways to deal with his ilk.

beefsteak

[Cebu_4_2]

Soros is a fag, do you follow this type of ilk?

[Son-of-Liberty]

I don't see any confirmed sources from the article that prove Soros sold anything. He could just be saying he is hoping for better prices when the market reacts to the news.

[Son-of-Liberty]

This is similar to Goldman Sachs announcing they are going to be selling a certain equity or commodity after they already unloaded at the top. Then they can buy back in at lower prices. Rinse and repeat.