I think Soros was being a bit cryptic when he said that. He didn't say it was yet a bubble, or at what stage the bubble was in. When he used the word "ultimate" I think he simply meant that it will be bigger than the tech bubble or the real estate bubble. I believe he is correct. In some ways, gold has the potential to be similar to the great tulip mania in 17th century Holland. Gold, like tulips, has no inherent value. It has very little commercial use, so it's only worth what people think it's worth. At least some tech companies make money, and you can always live in a house.

Soros said the flood of easy money produces bubbles (what else is new?). He knows you can make a lot of money when bubbles are forming. I'm not surprised he owns GLD - he wants to participate in the ultimate bubble.