Topic: Mining Stocks

What is Pat’s commentary for the week of June 14, 2016

Article Excerpt

The price of gold shot up from a low of $1,050 U.S. per ounce last December, to a recent high above $1,300. A rise like that attracts investors, who may believe further gains lie ahead. They are more likely to buy if newsworthy investors think gold is a buy. One current gold enthusiast is celebrity investor George Soros. Mr. Soros gained lasting fame in September 1992, when the United Kingdom was trying to maintain an artificially high value for the pound sterling. Soros was one of a number of speculators who believed the Bank of England would fail to maintain that value, and that a devaluation of the pound was inevitable. He made a short sale of $10 billion U.S. worth of pounds. When the Bank of England quit trying to support the pound at the former high level, the pound slumped and Soros made a profit of $1 billion U.S., virtually overnight. Since then, he has sometimes been called…