Jim Rogers and George Soros Remain Gold Bulls
Jim Rogers, George Soros, and others promoting gold as a solid investment for the years ahead, have come under attack recently from some who say he is only pushing the issue to drive up the price of gold so he can exit his gold holdings with a big profit.
But I think Rogers invested in gold a long time ago, and he has many entry points where he could exit gold now and probably would be close to doubling his money in many cases.
More disturbing to me is the somewhat toothless attack from some guy named Charles Kevin, an analyst in Beijing who claims Rogers isn't basing anything he says on the underlying fundamentals. But that's just plain igorant, and possibly untrue, depending of the integrity of the guy. He may just be a terrible researcher or hasn't taken much time to listen to what Rogers has said; especially about gold.
How many times has Rogers stated that the continual printing of money, the stimulus programs, inflation, and the economic weakness all contribute to the price of gold. If those aren't fundamentals what is Kevin talking about? Only a worshipper of Keynes could assert these weren't fundamentals in relationship to gold. If these aren't fundamentals, then what are? Does this guy think the jewelry business in India is a fundamental driver of gold? As if supply and demand in that very limited market has anything to do with the price of gold in times like these.
Now Soros has said he thinks gold is in a bubble, but then he continues to buy gold in huge amounts while making those statements. That wouldn't make sense if he didn't believe gold was going to go up in price, although you can of course make money on gold whether it goes up or down.
But even gold companies have been dropping their hedge positions, noting they feel even in conditions where gold prices could receive some downward pressure it has support under it, and it's not going to collapse any time soon from market pressures.
Jim Rogers and George Soros Remain Gold Bulls
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