Soros Gets Gold Badly Wrong In 2010 – Gold in USD (2009 to 2012)

The billionaire investor yesterday disclosed that in the first quarter he bought 1.05 million shares in SPDR Gold Trust, the world’s biggest gold exchanged-traded fund, valued at about $123.5 million.

Soros cut his firm’s investments in U.S. stocks by more than a third in the first quarter and bought a $264 million stake in the world’s biggest bullion producer Barrick Gold Corp.

Soros allocation to the Gold ETF and nearly a quarter of a billion to just one gold mining share – Barrick – shows he is clearly now bullish on gold and no longer views gold as the “ultimate bubble.”

Given Soros’ awareness of financial, geo-political and indeed systemic risk, it is likely that he also owns physical gold bars in allocated accounts and not just ‘paper gold assets’ in the form of the more visible, publicly filed and high risk mining shares and gold SPDR trust.

This is yet another positive development for the gold market and Soros follows in the footsteps of other many other leading hedge funds managers and billionaire investors such as Singer, Dalio and Druckenmiller and indeed institutions such asBlackrock and Munich Re.

http://www.zerohedge.com/news/2016-05-17/gold-goes-ultimate-bubble-ultimate-buy-soros

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