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“Don’t sell your gold,” Chris Woods of CLSA Securities emailed me this morning. “And buy more if gold drops below $1450.”
Well, maybe, but I’ve been pretty spooked by Soros’ liquidation of his GLD position without any clear cut explanation back in April. Any student of Soros knows that he tries to anticipate when an investment has gotten too high or too low because investors lose touch with the real value of their holding. And by the way Soros liquidated his position in Novagold(NG)–one of the most highly promoted gold stocks of recent memory. Can’t wait to see if Paulson bought the Soros holding. Not promising for Tom Kaplan, the billionaire gold mining magnate who is the driving force of Novagold.
OK, PIMCO let it be known that gold was its lar gest position in nits global equitiesd portfolio–and John Paulson–who enjoys a celebrity cult of followers still seems to be long a position larger than Soros held.
Then, there’s Tyler Durden of Zero Hedge, a stimulating investment website, who wrote compellingly; “The demand is coming from a very low base and is sustainable. It is prudent diversification, store of value, safe haven buying and not the rampant speculation involving over allocation and leverage one would associate with a bubble.”
Hmmm. Here I’ve been on tenterhooks for a sickening fall in the dollar and an ecstatic ascent of gold. It’s hard living with such a feasr over your head. Maybe, it’s just time to duck and wait to see how the debt-budget-deficit negotiations get resolved. For the amount of money available to the U.S. economy will depend on a most difficult and painful political process.
SOURCE; forbes.com
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