George Soros: Gold Prediction 2013 "Gold will not break $2,000"

S

Silver2012

New Member
Soros thinks gold won't break $2,000, what do you guys think?


[youtube]http://www.youtube.com/watch?v=gam7riougfg[/youtube]
 
He mentioned a while ago that he sold his gold, somewhere arond the 1400usd mark
 
Gold won't break the $250 mark-remember that?
Gold won't break the $400 mark-and that one?
Gold has now peaked at $600
Gold at $750 was in a bubble?
Gold at $900 was totally overheated
Gold at $1200 didn't have the legs to break the $1300 mark
Gold at $1400-SELL SELL SELL!!!
Gold at $1550 SELL QUICKER!!!
Gold at $1600?,Is it just me or is there a distinctive pattern forming
 
I wouldn't be surprised, but I'm sure we will see a big drop (say $1300-1400) before we see and big rise (say $1900-2200). If we see a recession or GFC2 big drops in metals are guaranteed. Sometimes I think I have come to the party too early (meaning there may be better moments to load up on physical in the future than now) but then I think of the long term play. The ball is way in the outfield but I've got my eye right on it.
We might see $17 again, nobody knows what the future holds. All I know, is that I want to be holding bulk loads when the mania hits or when/if currencies collapse. So in the meantime, I will take the good with the bad regarding prices.
 
At the end of the day were stocking what central banks are stocking, no one can turn that into a negative, therefore for gold there is only positive.
 
It's all about how you frame the question, if instead of being asked to comment on "Gold, War and Unemployment" he was asked about "Oil & Gas, The European Union & the Chinese economy", you'd get an entirely different (positive) view of his future.
 
No1joey said:
At the end of the day were stocking what central banks are stocking, no one can turn that into a negative, therefore for gold there is only positive.
Click to expand...

Thats the Quote of the last 5 years that one,you have the Left and Right Bower's and the Bird.

Remember(If your getting older like me)when the Bank of England starting dumping Gold by the Hundred ton.Ahhh here, this is easier Cut and Paste.
A time when the world thought very differently about our Shining knight in Golden ArmourOr did itI am always suspicious.
And dare i also say,two years ago Gold bugs were in the scarcest minority here on SS.
Most privately PMed each other for fear of scorn as Silver theory ruled the day..but hey it is 'Silver Stackers'
Interesting article nonetheless.Source thanks to 'USA TODAY'

Bank of England Gold Auctions



(BoE Press Release--7 May 1999) RESTRUCTURING THE UK'S RESERVE HOLDINGS: GOLD AUCTIONS

HM Treasury today announced a restructuring of the UK's reserve holdings to achieve a better balance in the portfolio by increasing the proportion held in currency. This will involve a programme of auctions of gold from the Exchange Equalisation Account, which holds the UK's official reserves of foreign currency and gold, with the proceeds being invested instead in foreign currency assets and retained in the reserves.

It is intended that 125 tonnes of gold (3% of the total reserves) will be offered for sale in a series of five auctions in the financial year 1999/2000, conducted by the Bank of England on HM Treasury's behalf. The first of these auctions will take place on 6 July 1999: thereafter it is envisaged that they will be held every other calendar month, i.e. in September and November 1999 and in January and March 2000. Soon after each auction, the date and details of the next auction will be announced.

It is planned that around 25 tonnes (or 800,000 fine troy ounces) of gold will be offered at each of the five auctions, though the amount may be varied in the light of experience. The gold will take the form of London Good Delivery bars, each weighing about 400 fine troy ounces and located at the Bank of England in London. To encourage the widest possible interest, the Bank will consider bids for a minimum of 400 ounces and multiples thereof, at prices per ounce expressed in US dollars and cents. Successful bidders will be allotted gold in whole bars as near as possible in weight to the quantity of the bid accepted by the Bank.

The first auction will be conducted on a single, or uniform, price basis. Under this format, the bidding process will be competitive: bars will be allotted to the highest bidders, but all successful bidders will pay a single price that is equal to the lowest accepted bid. It is intended that subsequent auctions will also follow this single price format, but the pricing method will be subject to review in the light of experience.

In the interests of efficiency and security in the bidding process, it is the Bank's current intention that the circle of eligible bidders will comprise members of the London Bullion Market Association (LBMA), including both market makers and ordinary members, and central banks and monetary institutions holding gold accounts at the Bank of England. The auction process will thus be open to the biggest and most active UK and foreign institutions in the international bullion market, of which London is the major centre. LBMA members also represent a broad international customer base, thereby giving other interested parties access to the auctions through the eligible bidders.

The result of the auction will be announced, and successful bidders will be informed of their precise bar allocation and the payment due, as quickly as practicable after the auction has closed. Payment will be in US dollars to the Bank of England's account at the Federal Reserve Bank of New York two business days after the auction has closed. Once the Bank of England has received confirmation of receipt of cleared funds in New York, its preferred approach will be to credit the allotted gold bars to gold accounts held with the Bank of England. Physical collection from the Bank of England in London will also be possible.

In the next few days, the Bank will initiate consultations with LBMA members on technical aspects of the auction process.

An Information Memorandum will be published in early June. This will set out the terms and conditions of the auction programme. At the same time, an auction announcement notice will provide full details of the first auction, including the bidding format, payment and settlement instructions, etc.

Notes for Editors
At the end of April 1999, the UK's official holdings of gold totalled 715 tonnes, or nearly 23 million fine troy ounces, with a market value of about $6.5 bn. These form part of the UK's official foreign exchange and gold reserves, which at end-April stood at nearly $37 bn including gold at its full market valuation. As indicated, the gold to be auctioned will be in London Good Delivery bars, located at the Bank of England. The initial programme of auctions will involve the sale of less than a fifth of the UK's official holdings of gold. The proceeds of the sales will be added to the foreign currency reserves.

As indicated by H M Treasury, over the medium term it is planning to reduce its gold holdings to around 300 tonnes. Detailed plans for auctions in 2000-01 and later years will be announced nearer the time, but arrangements are likely to be similar to those announced today.
 
TPTB wont allow a 2k gold price in the short term unless the defecation hits the oscillation.

I'm happy to see 1750 USD for this years end (even with rising AUDUSD unless the RBA loses its nerve)
 
Yes redback but that was then this is now as you said. Gold reserve stocking as we know has increased dramatically.

Wasnt the 2006 'GFC' the first recession since nixon removed that gold backing system? that wasnt that long ago..
 
No1joey said:
Yes redback but that was then this is now as you said. Gold reserve stocking as we know has increased dramatically.

Wasnt the 2006 'GFC' the first recession since nixon removed that gold backing system? that wasnt that long ago..
Click to expand...

Maybe a misunderstanding,it was a Brilliant quote and on the money/on the mark/spot onI have to learn to speek clearer.

REDBACK
 
George Soros cares about his fellow man deeply. We should listen to what this powerful man has to say.













:P
 
REDBACK said:
No1joey said:
Yes redback but that was then this is now as you said. Gold reserve stocking as we know has increased dramatically.

Wasnt the 2006 'GFC' the first recession since nixon removed that gold backing system? that wasnt that long ago..
Click to expand...

Maybe a misunderstanding,it was a Brilliant quote and on the money/on the mark/spot onI have to learn to speek clearer.

REDBACK
Click to expand...

oh lol my bad thought there was some objection with the UK auctioning gold article..:)
 
Remember some theory at the time<Gold bugs theory maybe>that 'The bank of England was the short straw drawer' and dumped that much gold to undermine its growing strength and influence against Fiat currency.
It maybe a swiss cheese theory or it may notin retrospect the theory now can be seen thru a different perspective.
 
They are financial messiah's at the top you never know how many steps ahead they have already planned and setup.
 
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