George Soros Is Back In The Cockpit And He’s Buying Gold Stocks
George Soros is back in the cockpit.
The billionaire fund investor is reportedly responsible for a series of bearish bets made by Soros Fund Management, a $30 billion “family office,” made earlier this year.
The Wall Street Journal’s Gregory Zuckerman made a splash with a page-one story about how the 85-year-old has stepped back into an investment decision-making role after focusing mostly on policy issues and and philanthropy in recent years.
Spillover effects from deflation in China and the unsettlingly high probability that the European Union will “collapse under the weight of the migration crisis” and exit referenda in the U.K. are the key macro worries for Soros.
Holdings revealed in the most recent round of 13-F filings showed that Soros’ firm loaded up on bearish put options that profit from declines in the SPDR S&P 500 ETF (SPY). Soros also added a 19 million-share stake in Barrick Gold (ABX) and a one million-share chunk of Silver Wheaton (SLW)
Other high-profile managers have sounded off in similar fashion in recent months. Stanley Druckenmiller, the market soothsayer from the Duquesne Family Office, told investors to “get out of the stock market” at the Ira Sohn Investment Conference last month. He also said gold was his firm’s “largest currency allocation.”
Gold prices ticked higher on Thursday to the best level in nearly one month. Futures prices rose 0.4% to $1,267 in recent trading, while the SPDR Gold Shares (GLD) added 0.2%.
Source: Barron’s
