The great hedge fund investors usually make it to the Forbes list of wealthy individuals. George Soros is number 27 on that list. Mr. Soros has made more than $24 billion investing in assets that other investors avoid for one reason or another. Soros also invests in future happenings that other investors believe won’t happen. One of his most notorious investments was in 1992 when he bet the Bank of England would be forced to devalue the pound sterling. He was right, and he pocketed $1 billion in commissions from that bet. His hedge fund investors made $7 billion on the same bet.
George Soros has been betting and winning big for more than 30 years, and his recent investment in Barrick Gold appears to be another brilliant move at exactly the right time. According to the Wall Street Journal, Soros bought 19.4 million shares of Barrick Gold at the beginning of 2016. At the start of the second quarter of 2016, Barrick Gold’s stock increased 55 percent, and the price of gold is still on the rise.
George Soros – CNBC
Soros hasn’t been as active in the trading market as he was several years. His worldwide foundations take up most of his time. George Soros is always in demand when it comes to making predictions about the global economy and the condition of the European Union. But he decided to get back to trading recently because he knew something big is about to happen on the world stage. Soros believes that the UK vote to leave the European Union will have dire economic consequences for the United Kingdom. He said there is a strong possibility that Scotland could stay in the EU, and that would fragment the structure of the United Kingdom. In plain terms, the United Kingdom wouldn’t be united anymore.
When Soros bought the Barrick Gold shares, he sold 35 percent of the stocks in the Soros Management Fund portfolio. According to Forbes.com, the eighty-five-year-old Soros also has more than a million share position in the SPDR Gold Trust. That investment is worth more than $125 million, according to the Securities and Exchange Commission. The SEC filings also show a more than 1.5 million share put option against the Russell 2000 Index ETF, and a more than 2 million share put option against the S&P 500 Index ETF. In other words, gold is George Soros new best friend and moneymaker.
George Soros isn’t right all of the time. Like all investors, he does get burned from time to time, but Soros is considered one of best investors, ever. He continues to amaze the world with his predictions. He is even betting against the Chinese yuan, and if he wins that bet his personal worth is going to jump another couple of billion dollars.