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Soros and Rogers adding to precious metal positions
Published : November 19th, 2012
254 words - Reading time : 0 - 1 minutes
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Gold came under pressure again yesterday, as new figures from the World Gold Council showed demand for gold fell 11% in Q3 in comparison with the same period in 2011. Comex November gold fell 0.9% to settle at $1,713.30 per troy ounce. December silver was down 1.16% to $32.30, while platinum was down 1.30% and palladium off by 0.97%.

However, at 1,804.6 tonnes, demand was still above five-year quarterly average of 984.7 tonnes. It should also be pointed out that Q3 2011 demand was an all-time record at 1,223.5 tonnes – with demand for the metal surging amid eurozone uncertainty, the US government’s debt-ceiling negotiations, and S&P’s decision to downgrade the USA’s sovereign credit rating. So it’s not that surprising that measuring from this peak, demand has slipped slightly.

Experienced market hands are continuing to accumulate precious metals. Quantum Fund pioneers Jim Rogers and George Soros are among those who remain bullish. Soros Fund Management LLC increased its stake in the ETF GLD from 884,400 to 1.3 million shares during Q3, and also doubled its holdings of the gold miners ETF GDX. Meanwhile Rogers told CNBC recently that he expects an Obama second term to be extremely friendly towards precious metals, with federal debt increasing along with money printing and rising prices. He plans to add to his gold and silver holdings and sell US Treasuries.

The smart guys aren’t always right, but Soros and Rogers have pretty good track records. Paying attention to what these guys do in the markets can be profitable.

 

 

Thanks to Goldmoney from www.goldmoney.com
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