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Should You Follow Soros Out of Gold?

goingbrokegoingbroke Posts: 1,410
in Precious Metals
Investors can’t seem to get enough of stories talking about what this or that famous investor is doing with his or her portfolio. In the latest example, news that George Soros has liquidated his gold holdings has some investors and commentators wondering whether the markets are looking at the end of an impressive run in gold. Whether Soros is right or wrong with this latest move, investors ought to consider some of the reasons to reject or copy his move.

For the regular investor, it’s a sure way to get poor quickly
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Comments

  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    Investors would be wise to be out of gold for the short term.
    Protectors of wealth should keep adding to their stack.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    Whatever you hear or read about famous major investors doing, you should probably assume the opposite is true. These guys didn't get to be rich and famous by telling everyone what they were actually doing.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • jmski52jmski52 Posts: 22,822 ✭✭✭✭✭
    These guys didn't get to be rich and famous by telling everyone what they were actually doing.

    Or to whom.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • DoubleEagle59DoubleEagle59 Posts: 8,307 ✭✭✭✭✭


    << <i>Investors would be wise to be out of gold for the short term.
    Protectors of wealth should keep adding to their stack. >>



    Very well said!
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • pmcollectourpmcollectour Posts: 1,211 ✭


    << <i>Whatever you hear or read about famous major investors doing, you should probably assume the opposite is true. These guys didn't get to be rich and famous by telling everyone what they were actually doing. >>



    bingo

    Whenever you hear that Soros is selling all his gold, that is the time to buy.
  • cohodkcohodk Posts: 19,102 ✭✭✭✭✭
    Soros sold his GLD holdings 6 months ago, at prices lower than today.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭


    << <i>Soros sold his GLD holdings 6 months ago, at prices lower than today. >>



    And we have no idea if moved some or all of that that into physical holdings.

    David Einhorn of Greenlight Capital used to be a large shareholder of GLD ($Billions). But he later decided it was better to transfer all those shares into physical.
    On the surface he sold out of GLD. In reality his commitment to gold didn't change.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • PokermandudePokermandude Posts: 2,713 ✭✭✭
    Even if this news is true, if an investment guru is doing it, it doesn't mean you should too. He could easily just need funds for a more profitable play in a somewhere else. Likely one you/I/most don't understand or even know about.
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  • scotty1419scotty1419 Posts: 928 ✭✭✭
    You could easily say "Well lets look at what Buffett is doing" ...maybe I also should have sold my silver back at ...what...$5/oz like he did? lol
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭
    What if it's Duane Soros of Poteau, Oklahoma?

  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭


    << <i>You could easily say "Well lets look at what Buffett is doing" ...maybe I also should have sold my silver back at ...what...$5/oz like he did? lol >>



    Great point. Even the smartest guys miss some big calls.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • renman95renman95 Posts: 7,037 ✭✭✭✭✭
    Maybe he needs a little cash to fund smoe revolution or civil war smoewhere.
  • mariner67mariner67 Posts: 2,746 ✭✭✭
    or maybe he is correct.
    No one really knows for sure.
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  • dragondragon Posts: 4,548 ✭✭


    << <i>You could easily say "Well lets look at what Buffett is doing" ...maybe I also should have sold my silver back at ...what...$5/oz like he did? lol >>







    Exactly......and didn't Buffett also recently announce he took a large stake in Bank of America right before it nosedived about 25%
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭


    << <i>You could easily say "Well lets look at what Buffett is doing" ...maybe I also should have sold my silver back at ...what...$5/oz like he did? lol >>



    Considering that WB bought his silver in the 1990's it's unlikely he just sold it off in 2005-2006 because he was dissatisfied with it. After all, it was a long
    term investment and had been steadily moving up since 2002. Most of us around here by 2004 were pretty sure silver was headed back to $30-$50 within
    5-10 years. Warren's research must have yielded similar results. It's more likely that the banksters needed a means to fund SLV (commenced trading in April 2006)
    and Buffet's 120 MILL ounces of silver was a ready source that would not raise market price. Creating SLV gave the banks a better hand to influence what silver is doing.
    I doubt they created SLV so all the J6P's of the world could invest in silver. Warren was probably offered some nice "perks" in 2006 if he played ball with the banksters.
    I sincerely doubt that it was as simple that he made a beginner's investment mistake and "sold too early."

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • jmski52jmski52 Posts: 22,822 ✭✭✭✭✭
    Warren was probably offered some nice "perks" in 2006 if he played ball with the banksters.

    So, the question becomes "what legislation was passed in 2005-2006 that benefited his major holdings in Wells Fargo, American Express, US Bancorp, Moodys, and MTB?"
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • ranshdowranshdow Posts: 1,441 ✭✭✭✭
    Exactly......and didn't Buffett also recently announce he took a large stake in Bank of America right before it nosedived about 25%

    WEB didn't buy the common. He bought a preferred instrument paying 6% available to no one else, with warrants as a cherry on top. The value of this investment doesn't track the common at all.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭


    << <i>Warren was probably offered some nice "perks" in 2006 if he played ball with the banksters.

    So, the question becomes "what legislation was passed in 2005-2006 that benefited his major holdings in Wells Fargo, American Express, US Bancorp, Moodys, and MTB?" >>



    It could have been future concessions as well along with "insider info" from the banksters on impending Treasury and/or FED movements. He was given $5 BILL stake in Goldman
    Sachs during the 2008 financial crisis that offered a 10% yield and options to purchase future shares at $115. If he excercised all that before this summer he probably did fine. The
    opportunity to play with the big boyz may not have been available to him had he not played ball in 2006.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
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