What George Soros said, and what the press said he said...
"GEORGE SOROS warns gold is now the 'ultimate bubble'," ran the Daily Telegraph headline.
But what Soros actually said was:
"When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold."
I don't know what was in the great man's head when he said this, writes Paul Tustain, founder & CEO of BullionVault. But it's just possible he was making rather more accurate use of the English language than The Daily Telegraph – who inserted the 'now' themselves.
"Ultimate" means final. It does not mean "mother-of-all" except near the Thames Estuary, an area made popular with journalists by its proximity to their factories, but not the sort of place an Hungarian hedge fund manager would hang out.
Mr Soros of course would be correct in saying that the final asset bubble in a string of asset bubbles tends to be gold. But since an estuarine interpretation inverts the guru's advice, you will need to decide for yourself which he meant. So here's some data:
If gold is in a bubble, it's not going to make much of a pop.
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