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Soros, PIMCO, Paulson, Others Buying Gold Bullion

May 16, 2012 - We are in a strong correctional phase for gold that has put some bullion buyers temporarily off the market as they seek to wait and see how long and deep the correction will be. Gold is down again by 0.25 percent, closing at $1,557 per troy ounce on Tuesday. This continuing downward trend brings gold to a 6.44 percent depreciation for the month. With gold hovering just above, we can expect a breach of the $1,550 level, at which we will then be looking for support around $1,533.

Corrections are normal parts of any market, but the current correction may be slightly protracted as gold has been on such an extended bull run for over a decade now. Still, at the current time, there are some major names either buying gold or increasing their positions in gold that warrant consideration.

George Soros, head of Soros Fund Management, nearly quadrupled his investment in gold in the first quarter of the year. The legendary investor who broke the Bank of England certainly has a feeling of the pulse of finance. Additionally, PIMCO, the world’s largest investor in bonds has been buying gold in the first quarter. Bill Gross, the head at PIMCO, had to write some rather apologetic client letters in the past year, but it appears he is turning the tables on that position at this current time. Additionally, John Paulson, who became a billionaire in 2007 by betting against the subprime mortgage market has been buying gold.

These significant positions in gold bullion are important considerations when thinking of the market for gold and where it will be in the mid-term future. The fundamentals of the strong bull market in gold are still in effect, even if we experience so much as a 35 to 40 percent correction in gold.

For such a protracted bull market, that amount of correction would not be unusual. However, it is important to remember that the big names in finance, those that have generally done well in the past, are still scooping up gold at voluminous rates. This is the best indication you can have on a street level that the gold market is going to be going very interesting places over the coming months.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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