He Lied Right To My Face!
The Dynamic Wealth Report
February 22, 2010
The stock market has always had a seedy underbelly. Less than desirable
characters are always trying to make a quick buck off the uneducated and
inexperienced. Just look at Bernie Madoff or Jeff Skilling of Enron
fame. Both these guys would steal candy from a baby if it could make
them money.
Some con men are sneaky and conniving.
They hide their true intentions. They’re working the angles and hiding
important details. They’re always slicked back and slimy.
You know what I mean… just think of people like used car salesmen, horse
traders, and penny stock CEOs.
They’ll lie to your face and not think twice.
The real tragedy is when someone who was supposed to be a good guy lies. We’ve all seen it. The trust is lost instantly. Once a trust is broken,
it’s gone forever.
Recently, we were lied to.
And the lie was told by one of the good guys. One of the greatest
traders of all time. I guess his quest for the almighty dollar has
clearly shaded his views.
Who am I talking about? George Soros of course.
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I’ll tell you about his big lie, but first a little background. Soros is
a famed hedge fund manager who’s been playing the markets for decades.
In 1952, he attended the London School of Economics. After graduation, he
started his career at a London merchant bank. A few years later he moved
to New York City. By 1956, he was working for Wertheim and Company where
he cut his teeth as an arbitrage trader.
In 1973, he established the Quantum Fund.
His partner in the Quantum Fund was another famed investor - Jim Rogers. Over the years, the Quantum Fund has been responsible for some huge
profits. What really put Soros on the map occurred on September 16,
1992.
Building up to that day, Soros had sold short almost $10 billion worth
of British Pounds. He was placing a huge and leveraged bet. The other
side of the trade was the Bank of England. They had been artificially
supporting the value of the currency. Soros knew it was poised to fall.
On the 16th, the Bank of England devalued the currency and Soros became
a legend overnight. He made $1.1 billion in a single day. And he
received the title, “The man who broke the Bank of England.”
Soros has also become a great philanthropist. He’s given away millions
to worthy charities and support organizations. That’s why he’s the good
guy.
But clearly Soros is a trader first and foremost… and that’s why he
lied.
Everyone knows about the credit and economic crises. They’ve been
circling the globe for more than two years now.
In an effort to combat the recession, governments all over the world
have been spending money like drunken sailors. To fund all this lavish
spending, the currency printing presses are running like mad.
This is true not only in the US, but in countries around the world.
As a result, many investors fear inflation and currency devaluation. The
best asset to own during times like this is gold. Everyone knows it.
That’s why gold is trading for more than $1,000 an ounce right now.
Even Soros knows we should be investing in gold.
Yet, just a few weeks ago at the World Economic Forum, Soros made a
comment about gold that shocked investors.
He said… “The ultimate asset bubble is gold.”
Now let me ask you a question. If someone tells you something is in a
bubble, isn’t your reaction to sell… to get out? Tech stocks were in a
bubble, the housing market was in a bubble.
According to Soros, gold is in a bubble.
Gold prices fell on the news. Soros said it’s in a bubble… sell, sell,
sell. And that’s what investors did.
But is Soros selling? Nope.
He lied to you and he lied to me.
While Soros was saying gold’s in a bubble, his hedge fund was secretly
buying up gold. How much did he buy? He more than doubled
his ownership
position. So much for gold being in a bubble.
Soros has invested more than $600 million into gold funds.
It just goes to show you, once a trader, always a trader. Soros has
traded in his white hat for one of a darker shade. Soros manipulated
everyday investors so he could add a few million more dollars to the
billions he already has.
Let me put it to you another way. All the economic signs are pointing to
higher gold prices. If you don’t have some in your account, consider
adding some soon. Soros is.
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• Oil & Gas Industry (Down 8.4%)
The US Dollar has been in a strong uptrend for some time now. Just last
week the Federal Reserve increased the discount rate, which pushed the
dollar even higher. Because of the strong dollar, commodity prices are
falling… and that includes oil. With lower oil prices, the oil industry
stocks are falling.
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