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George Soros Buying Gold

Commodities / Gold & Silver Jul 18, 2008 - 07:31 AM GMT

By: Mark_OByrne

Commodities Gold finished trading in New York yesterday at $957.00, down $4.00. Gold traded sideways rose in Asia before rising in early European trading and then falling again and is now down  0.15% for the day.

Equity markets have bounced on what is likely to be another  short term correction on massive short covering. Poor earnings from Google, Microsoft, Merrill and now Citigroup this morning should result in gold remaining well bid and support is at $950.


George Soros Goes Long Gold
Considering the extent of the oil price decline, gold has remained very resilient as we predicted. Big money interests realize that the long term gold/ oil ratio favours higher gold prices and or lower oil prices. Forbes reported that George Soros has gone long gold and short oil. ( http://www.forbes.com/).  The articles states the ratio is 10 to 1 when in fact it is 15 to 1 which would see a gold price at 15 times the price of oil.

Were oil to fall further that could see oil at some $120 a barrel and gold at some $1,800 per ounce which seems extremely likely given the level of macroeconomic and systemic risk - unprecedented in modern financial and economic history.

Today's Data and Influences
The economic calendar contains little of importance today apart from Eurozone trade balance figures. Stocks and oil are likely to remain the key drivers in the currency and gold markets. Citigroup earnings in particular will be keenly anticipated and have the potential to be an important market driver as they are expected to report serious losses.

Gold and Silver
Gold is trading at $955.20/956.20 per ounce (1230 GMT).
Silver is trading at $18.35/18.40 per ounce (1230 GMT).

PGMs

Platinum is trading at $1947/1957 per ounce (1230 GMT).
Palladium is trading at $420/425 per ounce (1230  GMT).

By Mark O'Byrne, Executive Director

Gold Investments
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Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Past experience is not necessarily a guide to future performance.

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