RICHARD RUSSELL: I See A Bearish Pattern In The Latest Buffett, Paulson, And Soros Trades (BusinessInsider)
Richard Russell, the veteran technician and long-time author The Dow Theory Letters, has been a gold bull for as long as we can remember. And the latest plunge in gold prices doesn’t have him worried. “Does this mean that the great gold bull market is over?,” he asked via King World News. “My intuition says no — I believe we have not seen the end of the gold bull market. However, I do think that this is the “wipe-out, clear-out” correction that will leave gold free of late-comers and non-believers.” Russell finds some solace in the actions of billionaire investors Warren Buffett, John Paulson, and George Soros.
Israeli Billionaire Sues Former Business Advisor Over Soros Connection (JewishVoiceny)
An Israeli billionaire has filed a lawsuit against his former business advisers and a British ex-minister in a fight over Guinea’s vast mineral resources that involves the world-famous left-wing hedge fund mogul George Soros. Beny Steinmetz has been in an adversarial relationship with Guinea’s government for many months with regard to the legal right to mine half of the huge Simandou deposit, which is one of the world’s biggest uncultivated iron ore repositories. The mining division of Steinmetz’s industrial empire, BSG Resources (BSGR), is accusing the foreign advisers – a group that includes Soros – of the West African country’s government of perpetrating a reputation-damaging campaign to sabotage its plans in Guinea.
George Soros’ son puts his $12 million New York townhouse on the market (and it has a rooftop basketball court) (DailyMail)
George Soros’ son Gregory is selling a $12 million home in Manhattan, which features a rooftop basketball court, less than three years after he bought it. Gregory, a 20-something artist, bought the single-family townhouse at 5 Centre Market Place in Little Italy in late 2010 for $11,999,900 – down from the original sale price of $18 million in 2008. Soros is now selling the house for $12 million, just $100 more than what he paid in 2010, according to the real estate website Curbed.
Roubini Says U.S. Fiscal Policy Path Opposite of Optimal (BusinessWeek)
The fiscal policy that the U.S. is pursuing is “opposite of the optimal” for a weak economy, said Nouriel Roubini, known as Dr. Doom for predicting hard times before the global financial crisis began in 2008. Ideally, in a weak economy, “you would like to have short- term stimulus, and for that short-term stimulus to continue for as long as necessary, while you have a credible medium-term plan for the fiscal discipline,” Roubini said today during a macroeconomic policy debate in Washington. “The U.S. right now is doing the opposite of the optimal, because we have no medium-term plan for fiscal consolidation” due to political gridlock, “and we don’t have actual short-term stimulus,” Roubini said.
Apple Loses Throne as World’s Biggest Company (WSJ)
Wednesday’s steep slide in Apple Inc. (NASDAQ:AAPL)’s shares has pushed the tech giant to second place on the list of the world’s most valuable companies. Oil giant Exxon Mobil Corporation (NYSE:XOM) -0.62% has reclaimed the throne. As the chart shows, both companies have been jockeying back and forth for the top spot for much of 2013. Prior to that, Apple had been the clear-cut king from January 2012 through this past January. And before that, Exxon had been the king dating back to 2006. Apple Inc. (NASDAQ:AAPL) shares recently dropped more than 5% and briefly dipped below $400 for the first time since December 2011. Exxon shares are down less than 1%.
