The gold market is one of those markets that investors have a hard time understanding at times. Most investors like to own gold, but a large percentage of average investors don’t own enough gold, according to billionaire investor, George Soros. Soros is known for making some radical economic and financial predictions. The funny thing about the George Soros predictions is they usually come true. That’s why Soros is one of the wealthiest people in the world. He has more than $24 billion in the bank in some form, and he made every nickel of that money investing.
According to a recent article published by Bloomberg.com, George Soros is selling more than 37 percent of his stocks, and he is investing more than $241 million in the largest gold miner in the world, Barrick Gold. The gold market is not considered a bull market right now, but Soros believes it will be by the end of 2016. The price of gold has increased by more than 20 percent the first three months of 2016, and that is only the beginning according to Soros on http://www.bloomberg.com/news/articles/2016-05-16/billionaire-soros-cuts-u-s-stocks-by-37-buys-gold-producer.
One of the main reasons that George Soros is investing in gold is the news that central banks around the world are buying gold. And, China is on the verge of a major economic meltdown. That’s when the Great Recession tore a hole in the American dream.
There are other hedge funds managers that agree with Soros, and they are investing in the gold market. But, Soros isn’t giving up on the stock market completely. Soros still owns more than $80 billion in EBay and another $80 million in Zoetis. Plus, George recently bought a large chunk of Apple, Gap and Yahoo stocks. Those new purchases are not considered large according to Soros standards, however.
Read more on NYTimes.com.
Moneycnn.com published an article that said that some investors believe that gold will jump to more than $1,400 an ounce, and Soros is preparing for an another huge payday. Soros is also moving a large portion of his money to cash, and that is a sign that the successful Hungarian-born refugee believes another global recession is on the horizon.
George Soros may be in his eighties, but he hasn’t lost his ability to make money. Even though Mr. Soros spends most of his time working with his Open Society Foundation, he can still make an extra billion dollars or two in his spare time. George is the king of making time and money work for him.