Soros is widely known as the individual that broke the Bank of England as he reaped an enormous profit of $1 billion by betting against the British Pound. Therefore, investors and markets all over the world take his moves or words seriously, as he has managed to make a name for himself as a legendary investor. In recent times, George Soros raised eyebrows in the investment market after selling 37% of his U.S Stock investments. The billionaire also bought more gold as well as putting a wager against the equities.
According to various reports from a government source, the value of the publicly held stock by the Soros Fund Management fell to $3.5 billion during the first quarter. The Soros Fund Management revealed that it owned bearish contracts on SPDR 500 EFT Trust’s 2.1 million shares.
George Soros is also reported to be optimistic on the rise of stock, which led him to buy SPDR Gold Trust’s 1.05 million worth of stock. By the end of the last quarter, the firm managed to acquire a holding of $264 million in the Barrick Gold Corp, which is the Globe’s largest metal producer.
In other reports from the government filing, Soros sold his stake in Dow Chemical Co. and the Level3 Communications Inc. Further, his firm split its investment holding between the Delta Air Lines Inc. and the Endo International Plc.
Stan Druckenmiller, who is Soros’s former head strategist, is also reported to be optimistic on the price of gold. He also asserted that Gold was his biggest currency allocation. During the first quarter the price of gold, especially for immediate delivery rose by 16%.In addition, the Barrick company, based in Toronto has risen twice more in 2016 with a reduction in debt and increased endeavors to minimize operating costs. The information was mentioned on Bloomberg
George Soros is a former native of Hungary where he was born before fleeing due to the Nazi invasion in 1947. Upon graduating in 1952 from the London School of Economics, he moved to the United States. In the US, George Soros served in the capacity of an investment manager as well as an analyst in various firms such as Arnhold S.Bleichroeder, Wertheim & Co as well as the F.M.Mayer. Later in 1973, Soros decided to set up his company, the Soros Fund Management. The company later transformed into the Quantum Fund.
George Soros is a recognized philanthropist. His Open Society Foundation carries out most of his philanthropic efforts. The foundation is responsible for channeling support to over a hundred nations worldwide in an effort to promote human rights and democracy. Apart from investing and philanthropy, Soros is an author, who has managed to release various publications such as The Bubble of American Supremacy: Correcting the Misuse of American Power. Information can be obtained from https://www.opensocietyfoundations.org/people/george-soros