The 12 Gold Bugs of Christmas

Silver Bullets
  • 12 Gold Bugs Of Christmas
  • 12 Gold Bugs Of Christmas
November 1, 2012 9:37 pm est

Here’s a sampling of this year’s “gold bugs” and what they’ve been doing about precious metals recently.

Jim Rogers, billionaire and cofounder of the Soros Quantum Fund, publicly stated last month that he plans to “sell federal debt and purchase more pic005gold and silver.”

 

George Soros increased his investment in GLD by a whopping 49% last quarter, to 1.32 million shares. His stake is now worth over $221 million. Many investors don’t realize that he also placed call options on GDX worth $9 million. The most logical explanation is that he thinks gold equities are undervalued and that there’s big money to be made in them within a year.

Marc Faber mocks those claiming gold is in a bubble. “It’s nowhere close to that stage,” he says. And even though he’s already sitting on a huge gain, he won’t take any profits. Why? “I keep a picture of Mr. Bernanke in my toilet, and every time I think about selling my gold, I look at it and I know better!”

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