Gold is climbing and has hit some new milestones recently, but George Soros, hedge-fund trader and investor warns that it's no longer a safe bet. According to the following article, Soros said recently, 'Gold is the only actual bull market currently. In the present circumstances that may continue.'I called gold the ultimate bubble, which means it may go higher. But it's certainly not safe and it's not going to last forever.' I'll take heed from the master.
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Gold heads for $1,300 but Soros warn
By Simon Lambert 22 September 2010, 11:39am
Gold hit a fresh high today as it continued its rise towards the $1,300 benchmark, but legendary investor George Soros has warned it is no longer a safe bet.
The gold spot price hit $1,296.3 at 14.05, having made a record closing high of $1,287.15 yesterday.
The move upwards continues the rich run of form for the precious metal, which has hit repeated highs over the past week.
Despite this, Soros issued a warning on gold, which he has invested in, at a Thomson Reuters Newsmaker event on Monday.
He said: 'Gold is the only actual bull market currently. In the present circumstances that may continue.
'I called gold the ultimate bubble, which means it may go higher. But it's certainly not safe and it's not going to last forever.'
Gold has been chased higher by investors searching out its safe haven status and a slip in the value of the dollar.
Fears over the US economy and what effect further stimulus would have on the dollar's value have pushed the greenback down, while Asian banks shifting their focus slightly from using the US dollar as their
default safe haven has also contributed.
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