Gold Is Back And Billionaire George Soros Believes The Precious Metal Will Double In Value

Gold has been written about for centuries. It is the one precious metal that attracts people from all over the world. Gold is not connected to any government, and it does not react to economic issues unless those issues force people to buy more gold. And that is exactly what is happening in 2016. Investors are turning to gold to protect their portfolios. George Soros, the hedge fund genius, is making drastic moves in his Soros Fund to offset what he believes is going to be a major decline in the stock market. Soros recently bought 19.4 million shares of Barrack Gold and reduced his other stock holdings by 37 percent. The Soros fund still owns more than $3.5 billion in stocks, but that number is a third less than what it was at the beginning of 2016. Read more on NYTimes.com.

According to Bloomberg.com Mr. Soros is betting against the equities market. He recently purchased 2.1 million shares of put options on the SPDR S&P 500 EFT Trust. That trust tracks the S&P 500 index. That move means George Soros believes stocks are going to drop and drop fast, according to the Bloomberg.com article. 


The Soros move to the gold market shouldn’t be a surprise to anyone that has been listening to the economic genius over the last four years. Soros has been interviewed by several financial publications, and he has repeatedly said that a global recession is in the works, and it may be as devastating as the 2008 recession. This new recession will not be a product of a subprime mortgage crisis. It will be the result of the economic breakdown that is happening in China. According to an article published by Fool.com, China’s economic downturn will shatter stock markets around the world. Soros was one of the first investors to recognize the financial devastation that is in the works.
Read more: Billionaire Soros Cuts U.S. Stocks by 37%, Buys Gold Miner

Other hedge fund managers have been talking about China’s economic issues, but those investors don’t have the creditability and the track record that George Soros enjoys. George Soros is a Hungarian refugee that escaped Nazi occupation by moving to England. Soros earned a degree in philosophy from the London School of Economics, and he worked as a waiter while he attended classes. After graduation, George Soros moved to New York and started working on Wall Street. The rest of the George Soros story is well-documented. He made more than $1.4 billion when he bet the pound sterling would be devalued in 1992, and he has made billions more since then. Forbes lists Soros in the top 100 on the world’s wealthiest list, and he made his fortune the old fashion way. He bet big on risky ventures, and they paid off. 
See: http://www.georgesoros.com/the-life-of-george-soros/