As the band "The Eagles" said...."old Billy was right" (kudos to William Shakespeare).
It seems the "ultimate" insider is skipping the toil, leaving us all in trouble, and seeing "bubbles"...
- Let me explain my unfortunate reference to Shakespeare's immortal play (bubble, bubble, toil & trouble).
Soros Fund Management has CUT it's exposure to equities over 42% from its position end-March to end-June. Very quietly, very not-in-public this was accomplished.
- Holdings in Petrobras, Walmart, and JP Morgan Chase and others are gone.
- The gold ETF [GLD] remains his largest position.
So?
- Georgie famously said recently that "gold was the ultimate bubble" while VERY publicly 'talking his book' in Davos to try and jawbone gold prices down while he was privately doubling-down on his gold position.
- Does the Bubble-meister now know something WE do not? Are stocks a 'bubble' that is ready to pop?
- He's NOT a stupid man, and I think he sees trouble ahead...
Thursday, 19 August 2010
Old Billy was right..........from Rico
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If you watch the spot price of gold on a daily basis you will not see the behavior of a counter-cyclical asset, as the standard claim is. It behaves more like any other normal commodity.
Not only that, its price is highly volitile -- probably the result of much speculation right now.
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