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Wednesday, November 17, 2010

George Soros : Bullish on Gold

"The conditions for gold are pretty perfect," George Soros, billionaire investor and legendary currency speculator said during a speech in Toronto last Monday evening when accepting the Globalist of the Year award from the Canadian International Council.
"The big negative is that too many people know this and a lot of hedge funds are very exposed ... Gold has a tendency to go parabolic," he added, pointing at its tendency to fall as quickly as it rises.Georger Soros called Gold the ultimate bubble early this year : "Gold is the ultimate bubble. It is certainly not safe," he said at the beginning of this year and then reiterated his opinion in September this year.
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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.