Pinnacle Activity Ticker
George Soros Buying Gold
Pinnacle Digest writes: As if the prospect of Greece leaving the Eurozone wasn’t enough, now Spain’s Prime Minister told parliament that there is "a serious risk that the markets won't lend to us or lend only at astronomical prices."
Greece’s disaster continues to get more ‘amateur hour’ by the day. The country is in the midst of an all-out run on the banks. Withdraws from deposit money is totalling roughly 700 million euros per day.
Naturally, this kind of news is terrible for gold and evidence shows investors are done waiting for a rebound in the price. In this article linked below, Ben Traynor (an associate to Adrian Ash at Bullionvault.com) notes one dealer out of Singapore stated that the weak hands in the gold market (on margin) are basically being forced out; and that itself will correct the market back to healthy levels.
Interestingly enough, famed investor, George Soros, has been a net buyer of gold in Q1 of 2012. This is contrary to reports several months ago that he was getting out of gold. Soros has positioned in gold by buying the SPDR gold ETF.
Click here to find out what other hedge fund managers are doing with their gold positions.