From BI: There's a new interview with George Soros out in the popular
Hong Kong newspaper the South China Morning Post. A lot of the interview is about the Chinese
development model, Chinese stocks, real estate, etc. There's also an interesting section about
gold.
Q: What is your view on gold?
A: That’s a complicated question. It has disappointed the
public, because it is meant to be the ultimate safe haven. But when the euro
was close to collapsing in the last year, actually gold went down, because if
people needed to sell something, they could sell gold. Therefore they sold
gold. So gold went down together with everything else.
Gold was destroyed as a safe haven, proved to be unsafe.
Because of the disappointment, most people are reducing their holdings of gold.
But the central banks will continue to buy them, so I don’t expect gold to go
down. If you have the prospect of a crisis, you will have occasional flurries
or jumps. So gold is very volatile on a day-to-day basis, no trend on a
longer-term basis….
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