BILLIONAIRE financier George Soros said yesterday that gold prices might continue to rise after hitting record highs this week but he renewed a warning that gold is the “ultimate bubble.”
With economic and fiscal weakness crimping the developed world, Soros said all investments are at risk because “this is a period of great uncertainty so nothing is very safe.”
On gold, he said that after asset classes set new highs there are almost always immediate reversals that disappoint investors. Soros’ hedge fund, Soros Fund Management LLC, has been heavily invested in gold and gold-mining companies.
“Gold is the only actual bull market currently. It just made a new high yesterday. In the present circumstances that may continue,” he said in an interview.
“I called gold the ultimate bubble, which means it may go higher. But it’s certainly not safe and it’s not going to last forever,” he said.
Soros in January at the World Economic Forum in Davos, Switzerland, made the ultimate bubble comment. He no longer is involved in management of his hedge fund.
