In his interview to South China Morning Post, a millionaire trader George Soros said gold is no longer a safe-haven asset for those who take care to preserve their funds.
Soros believes that many investors apart from him do not see gold as a safe asset to invest in. However, it has not completely lost its status yet as the precious metal is still actively purchased worldwide. Lots of investors still invest in gold amid ongoing debt crisis in the eurozone and the weakening euro.
After the release of the Soros interview, gold prices fell all over the world. For example, on April 9, a troy ounce of gold was $1,571 on NYMEX as compared to $1,600 in the early part of the month.
It is worth noting that Soros invested a solid amount in gold last summer when its price fell sharply.
