Trade With Dave: Haven can wait as “reduced holdings” and “no trend” in what was once a
“safe” is yet again proved unsafe, but still won’t go down… on a longer
term basis.
Soros on gold…
Q: What is your view on gold?
A: That’s a complicated question. It has disappointed the public, because it is meant 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 sell something, they could sell gold. Therefore they sold gold. So gold went down together with everything else.
Gold was destroyed as a safe haven, proved to be unsafe. Because of the disappointment, most people are reducing their holdings of gold. But the central banks will continue to buy them, so I don’t expect gold to go down. If you have the prospect of a crisis, you will have occasional flurries or jumps. So gold is very volatile on a day-to-day basis, no trend on a longer-term basis.
Here’s a link to the rest of the Soros interview in the South China Morning Post: http://www.scmp.com/news/china/article/1208805/interview-george-soros
If you’re not familiar with the reflexivity solution (the one where your doctor hits you on the knee with a rubber hammer and you “choose” to kick the doctor), this would be a Soros buy signal for precious metals.
Remember people sold their physical gold. It wasn’t a
Fed-backed paper generated swamping of the market with short selling?
It was people selling their gold according to George.
Dave is soooo disappointed. Gold is less than $1,600/oz. and a silver eagle can be bought on E-bay for $31. It’s like having an appointment… with disappointment. Boo hoo hoo… sniff… sniff…
(okay, are the readers gone… stop recording… cut… cut already…)
In other news on the reflexivity of flexibility:
Source
banzai7
Soros on gold…
Q: What is your view on gold?A: That’s a complicated question. It has disappointed the public, because it is meant 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 sell something, they could sell gold. Therefore they sold gold. So gold went down together with everything else.
Gold was destroyed as a safe haven, proved to be unsafe. Because of the disappointment, most people are reducing their holdings of gold. But the central banks will continue to buy them, so I don’t expect gold to go down. If you have the prospect of a crisis, you will have occasional flurries or jumps. So gold is very volatile on a day-to-day basis, no trend on a longer-term basis.
Here’s a link to the rest of the Soros interview in the South China Morning Post: http://www.scmp.com/news/china/article/1208805/interview-george-soros
If you’re not familiar with the reflexivity solution (the one where your doctor hits you on the knee with a rubber hammer and you “choose” to kick the doctor), this would be a Soros buy signal for precious metals.
Remember people sold their physical gold. It wasn’t a
Fed-backed paper generated swamping of the market with short selling?
It was people selling their gold according to George.Dave is soooo disappointed. Gold is less than $1,600/oz. and a silver eagle can be bought on E-bay for $31. It’s like having an appointment… with disappointment. Boo hoo hoo… sniff… sniff…
(okay, are the readers gone… stop recording… cut… cut already…)
In other news on the reflexivity of flexibility:
Source
banzai7
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