My latest for Moneyweek:
George Soros is a man who has outwitted governments before. In 1992 he made more than $1bn by short-selling sterling, as the UK government was eventually forced to withdraw the pound from the European Exchange Rate Mechanism. So when he speaks, investors listen.
Last month, at the World Economic Forum in Davos, Switzerland, he declared that gold is “the ultimate bubble”. Fears were quickly sparked that the precious metal would tumble.
Various writers, fund managers and investors worked themselves into a frenzy. Many jumped ship and within a week we were trading down to levels last seen in October, almost $1,050 an ounce.
But one canny investor, it seems, was buying. George Soros… More here