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Thursday, September 16, 2010

George Soros: Gold not safe

George Soros Interview with Reuters 15 Sept 2010

Sept. 15 George Soros In an exclusive interview with Chrystia Freeland, : this is a period of great uncertainty so nothing is very safe .....Gold is the only actual bull market currently because it made new high yesterday ...at the present circumstances that may continue but it will very interesting to see whether there will be a decline in the next few weeks because technically everything that makes a news high always almost immediately reverses and disappoints the books ...It will be interesting to see ...I call the gold the Ultimate bubble ...which means it may be going higher but it certainly not safe ...and it is not going to last for ever


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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.