Billionare magnate George Soros firm downscaled his investment in U.S. stocks by more than a third. All this was done in the first quarter. George Soros company then bought $264 million stakes from the world’s largest producer of bullion, Brick Gold Corp. Soros Fund Management admitted in public that its value had dropped by 37 percent to $3.5 billion at the end of the last quarter. This report was gotten from the government filing.
Soros Fund Management acquired 1.7 percent of Barrick, which brought it to the top as the largest US listed holding. Soros firm did also admit to owing call options on 1.05 million shares in the SPDR Gold Trust, which tracks the price of gold.
George Soros has earlier warned that the debt-fueled Chinese economy was similar to that of the US in 2007/2008. George Soros said that Chinas credit growth figures were to be seen as more of a warning sign. This Soros had said at an Asian Society event in New York on Wednesday. The credit in China in April was 2.34 trillion yuan and far exceeded what was predicted by the media.
George Soros has built $24 worth of fortune by understanding the wagers market. Other investors also echoed his warning about China. China indeed has worried many in the global market and its government assurance is not convincing the investors’ confidence. Soros said that a more accurate measure of china’s economic growth was 3.5 % on https://twitter.com/georgesoros. The latest official figures showed that it was at 6.8 % in the fourth quarter. Soros also pointed out that the country’s unsustainable debt and capital flight are perfect examples of a hard landing. China capital outflow was about $843 billion as of November of last year (2015).
Druckenmiller, a former chief strategist for Soros and an investor, is also bullish about gold. Gold hopped 16 percent for the first time this year, and it is the biggest in quarterly surges since 1986. Bloomberg at http://www.bloomberg.com/news/articles/2016-05-16/billionaire-soros-cuts-u-s-stocks-by-37-buys-gold-producer reported that the Toronto-based Barrick has increased to more than dabbled in 2016. The miners have also accelerated cost cutting efforts and also reduced debt. As of March this year Barrick has gone up 39 percent.
Soros is the founder and Chairman of Soros Foundation Management. The company exclusively manages his business. George Soros has been very successful in the investment market and has made a fortune out of it. His opinion as an adept is important, and his actions have many thinking he might be right