Gold is the latest investment bubble, says billionaire

A billionaire investor has claimed that rapidly rising gold prices are creating "the ultimate bubble".

Speaking to Reuters television, hedge fund manager George Soros offered a warning to investors who have been encouraged to pile their cash into the commodity by mass media advertising.

"I call gold the ultimate bubble," he said. "It may be going higher but it's certainly not safe and it's not going to last forever."

Investors looking for more stable, long-term options might wish to compare term deposits in search of the best options. NewsCore reported that gold futures soared to a record high overnight on the New York Mercantile Exchange, driven by concerns about the global economic recovery.

It noted that prices stood at US$1,268.70 per ounce ($1,353.95 per ounce) on Wednesday (September 15th), with silver also posting its own 30-month high.

Meanwhile, Australian Bureau of Statistics (ABS) data revealed this week that the Sydney suburbs of Mosman and Woollahra are by far the most affluent suburbs in the country, with residents in those areas making an average income of $131,606 and $116,376 in 2007-08, respectively.

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