mick silver
8th April 2013, 01:57 PM
Soros says gold safe haven no more, but sees cbank support-report
GLOBAL MARKETS-Yen drops on BoJ easing, shares steady after ECB (http://www.reuters.com/article/2013/04/04/markets-global-idUSL5N0CR0U620130404)Thu, Apr 4 2013
PRECIOUS-Gold hits 10-month low on dollar ahead of ECB statement (http://www.reuters.com/article/2013/04/04/markets-precious-idUSL3N0CR1FY20130404)Thu, Apr 4 2013
PRECIOUS-Gold tumbles along with sharp losses in crude, equities (http://www.reuters.com/article/2013/04/03/markets-precious-idUSL3N0CQ3CN20130403)Wed, Apr 3 2013
Stocks, euro rise after Cyprus banks reopen (http://www.reuters.com/article/2013/03/28/us-markets-global-idUSBRE88901C20130328)Thu, Mar 28 2013
Shares slip, euro at 4-month low on Cyprus fears (http://www.reuters.com/article/2013/03/27/us-markets-global-idUSBRE88901C20130327)Wed, Mar 27 2013
China and the chaos theory of finance (http://blogs.reuters.com/breakingviews/2013/04/08/china-and-the-chaos-theory-of-finance/)
Daniel Loeb surfing to the top of the hedge fund charts again (http://blogs.reuters.com/unstructuredfinance/2013/03/27/daniel-loeb-surfing-to-the-top-of-the-hedge-fund-charts-again/)
Related Topics
George Soros » (http://www.reuters.com/people/george-soros)
April 8 | Mon Apr 8, 2013 5:03am EDT
(Reuters) - Institutional investor George Soros said gold has been destroyed as a safe-haven asset, but expects continued central bank buying to support prices, the South China (http://www.reuters.com/places/china) Morning Post reported.
"Gold was destroyed as a safe haven, proved to be unsafe.Because of the disappointment, most people are reducing theirholdings of gold," Soros told the newspaper in an interviewpublished at the weekend.
"But the central banks (http://www.reuters.com/sectors/industries/overview?industryCode=128&lc=int_mb_1001) will continue to buy them, so I don'texpect gold to go down. If you have the prospect of a crisis,you will have occasional flurries or jumps. So gold is veryvolatile on a day-to-day basis, no trend on a longer-termbasis."
http://cdn.teads.tv/img/ir/mention_en.png
Soros, who called gold "the ultimate bubble" in 2011,slashed his position in the world's largest gold-backedexchange-traded fund, SPDR Gold Trust, by more than halfto 600,000 shares in the fourth quarter of 2012 from 1.32million in the third quarter.
The price of spot gold has fallen nearly 6 percent sofar in 2013, after a 12-year rally, as investors searched forbetter investment returns elsewhere including equities. Incontrast to gold, the S&P 500 stock index is up almost 9percent this year.
On Monday, gold stood at $1,578 an ounce, regaining someground after hitting a 10-month low of $1,539.74 last week.
Soros said gold has "disappointed the public, because it ismeant to be the ultimate safe haven."
"But when the euro was close to collapsing in the last year,actually gold went down, because if people needed to sellsomething, they could sell gold...So gold went down togetherwith everything else," he was quoted as saying by the newspaper.
GLOBAL MARKETS-Yen drops on BoJ easing, shares steady after ECB (http://www.reuters.com/article/2013/04/04/markets-global-idUSL5N0CR0U620130404)Thu, Apr 4 2013
PRECIOUS-Gold hits 10-month low on dollar ahead of ECB statement (http://www.reuters.com/article/2013/04/04/markets-precious-idUSL3N0CR1FY20130404)Thu, Apr 4 2013
PRECIOUS-Gold tumbles along with sharp losses in crude, equities (http://www.reuters.com/article/2013/04/03/markets-precious-idUSL3N0CQ3CN20130403)Wed, Apr 3 2013
Stocks, euro rise after Cyprus banks reopen (http://www.reuters.com/article/2013/03/28/us-markets-global-idUSBRE88901C20130328)Thu, Mar 28 2013
Shares slip, euro at 4-month low on Cyprus fears (http://www.reuters.com/article/2013/03/27/us-markets-global-idUSBRE88901C20130327)Wed, Mar 27 2013
China and the chaos theory of finance (http://blogs.reuters.com/breakingviews/2013/04/08/china-and-the-chaos-theory-of-finance/)
Daniel Loeb surfing to the top of the hedge fund charts again (http://blogs.reuters.com/unstructuredfinance/2013/03/27/daniel-loeb-surfing-to-the-top-of-the-hedge-fund-charts-again/)
Related Topics
George Soros » (http://www.reuters.com/people/george-soros)
April 8 | Mon Apr 8, 2013 5:03am EDT
(Reuters) - Institutional investor George Soros said gold has been destroyed as a safe-haven asset, but expects continued central bank buying to support prices, the South China (http://www.reuters.com/places/china) Morning Post reported.
"Gold was destroyed as a safe haven, proved to be unsafe.Because of the disappointment, most people are reducing theirholdings of gold," Soros told the newspaper in an interviewpublished at the weekend.
"But the central banks (http://www.reuters.com/sectors/industries/overview?industryCode=128&lc=int_mb_1001) will continue to buy them, so I don'texpect gold to go down. If you have the prospect of a crisis,you will have occasional flurries or jumps. So gold is veryvolatile on a day-to-day basis, no trend on a longer-termbasis."
http://cdn.teads.tv/img/ir/mention_en.png
Soros, who called gold "the ultimate bubble" in 2011,slashed his position in the world's largest gold-backedexchange-traded fund, SPDR Gold Trust, by more than halfto 600,000 shares in the fourth quarter of 2012 from 1.32million in the third quarter.
The price of spot gold has fallen nearly 6 percent sofar in 2013, after a 12-year rally, as investors searched forbetter investment returns elsewhere including equities. Incontrast to gold, the S&P 500 stock index is up almost 9percent this year.
On Monday, gold stood at $1,578 an ounce, regaining someground after hitting a 10-month low of $1,539.74 last week.
Soros said gold has "disappointed the public, because it ismeant to be the ultimate safe haven."
"But when the euro was close to collapsing in the last year,actually gold went down, because if people needed to sellsomething, they could sell gold...So gold went down togetherwith everything else," he was quoted as saying by the newspaper.