Renowned investor George Soros recently sold 37% of his stock exposure in the last quarter that ended in March. He replaced this stocks with a lot of gold and gold stocks.
George Soros has amassed his wealth over the last few decades. Soros lately expressed his worries about the global economy but is bullish about the gold. Earlier in the year George Soros had talked of the Chinese economy and how it reminded him of the US economy back in 2007 leading to 2008 crisis.
Soros is a Hungarian-America, he is the founder and chairman of Soros Fund Management. George Soros is an investor, political donor, and philanthropist. His company currently manages his family funds exclusively; this started after he closed his hedge fund business. Soros is often called the man who broke the Bank of England. He shorted $10 billion worth of the British pound which made him over $1 billion in profits. This happened in September 1992 a day referred in Britain as the “Black Wednesday” and Soros facetiously says that the day should be referred to as the “Awesome Wednesday”. Read more on http://www.nybooks.com/contributors/george-soros/
Soros is also a supporter of America liberal and America progressive causes. He has for many years donated to this political parties. George Soros is also a philanthropist and has donated more than $11 billion to charity causes all over the world in the past. Soros was also an important player in promoting peaceful transition from communism to capitalism in Eastern Europe.
The move that Soros has done indeed has many investors wondering what to do with their money. He is a leader in the financial market and has a proven record with mind-boggling success. Soros has taught many on how to successfully invest. He is credited with the success of Stanley Druckenmiller, who was at one time Soros protégé.
US stocks indeed seem to be worrying many; the global economy is also slowing down. Gold and gold stocks are on the rise and have direct benefits to investors. Gold is seen as risk-free and is one of the strongest performers of 2016 in the market. Gold is also the second strongest performer in Wall Street.
The value of Soros Fund Management has publicly disclosed holdings dropped by 37 percent to $3.5 billion after the end of March 2016. This was according to government filing done on Monday. Soros firm on http://www.theatlantic.com/magazine/archive/1997/02/the-capitalist-threat/376773/ revealed that it owed bearish options contract on 2.1 million shares of SPDR 500 ETF Trust.
Soros firm also bought bullish option contracts on 1.05 million shares in SPDR Gold Trust a company that tracks bullion prices. The firm also acquired 1.7 % of Barrick. This makes it the fund’s biggest US listed holding.
Soros is brilliant on global financial matters and has previously given warnings on the financial crisis.