A Sign of Trouble? What is Behind Soros’s Jump Into Gold
SputnikNews.com
11.06.2016
After a long hiatus, billionaire George Soros has returned to trading, getting rid of stocks and buying gold and shares of gold miners; and when you see the richest people in society taking clear financial and investment decisions, then it makes sense to at least pay attention.
“Soros Fund Management LLC, which manages $30 billion for Mr. Soros and his family, sold stocks and bought gold and shares of gold miners, anticipating weakness in various markets. Investors often view gold as a haven during times of turmoil,” says an article in The Wall Street Journal (WSJ).
According to Bloomberg, Soros bought bullish options contracts on 1.05 million shares in the SPDR Gold Trust, which tracks the price of bullion.
What’s more, the agency says, the fund took a stake in the world’s biggest producer of the metal, Barrick Gold Corp., worth $264 million at the end of March, the filing showed. Soros acquired 1.7 percent of Barrick, making it the fund’s biggest US-listed holding.
Among the explanations offered by the billionaire to the WSJ, are the gloomy forecasts for the economic and political issues in China and Europe.
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