George Soros Cuts Back On U.S. Stocks And Buys Gold

Last quarter, George Soros prepared for dark times by cutting his U.S. stock investments by a third. He banked on gold while betting against the equities. By the end of March, Soros Fund Management’s value dropped by 37 percent. That is for its publicly disclosed holding, according to a government filing. The firm revealed owning 2.1 million shares of the SPDR 500 ETF Trust. As of March 31 on https://www.project-syndicate.org/columnist/george-soros, the exchange-traded fund had a face value of $431 million.

Additionally, George Soros purchased buoyant options contracts on 1.05 million shares of the SPDR Gold Trust that tracks the price of bullion. According to the filings, the fund also took a stake in Barrick Gold Corp., the world’s largest producer of gold worth $264 million in late March. Soros obtained 1.7 percent of the company. The acquisition makes it the fund’s largest U.S. listed holding. George Soros is not the only one bullish on gold. Early this month, his former chief strategist Stan Druckenmiller noted that gold was his biggest currency allocation.

Soros made a $24 billion fortune via knowledgeable market wagers. He has warned of risks originating from China. George Soros’ argument is based on the assertion that China’s debt-driven economy looks like the U.S. in 2007-2008 before the global financial crisis. In January, Soros said that a hard landing in China was practically inevitable. In addition, he noted that such a fall would deteriorate global deflationary pressures, pull down stocks, and heighten U.S. government bonds. This information was originally published by Bloomberg as elaborated by the following Link http://www.bloomberg.com/news/articles/2016-05-16/billionaire-soros-cuts-u-s-stocks-by-37-buys-gold-producer

About George Soros

George Soros is a well-known investor and philanthropist. He was born on 1930 in Budapest, Hungary. In the mid-1940s, George Soros fled the Nazis after surviving their occupation. George Soros moved to England and enrolled in the London School of Economics. He graduated in 1952. George Soros sailed to New York in 1956 and joined the finance field. His first job was at F.M. Mayer, a Wall Street brokerage company. Following several stints in a few more companies, he set up Soros Fund. With George Soros heading the company, it found tremendous success via its different iterations. This information was initially reported by bio website as found in the following link http://www.investopedia.com/university/greatest/georgesoros.asp

George Soros is also the founder and chair of the Open Society Foundations. He has been conducting his philanthropic endeavors through the foundation since 1979. George Soros started his philanthropy by offering funds to black South African Students. Today, the organization operates in over 100 countries. George Soros works through the Open Society Foundations to promote transparency, human rights, and ideals of open society.

Read more about George at The New York Times.