George Soros, the 85-year-old Hungarian-born investor, is one of the most talked about people in the investment industry. The Soros family hedge fund manages $30 billion in assets. Soros is one of the wealthiest people in the world, and he made all his money buying and selling assets. Soros has not been as active in the stock trading market as he was a few years ago. Soros has been spending more time focusing on his Open Society Institute. But according to an article published by the Wall Street Journal, Soros is back in the market, and he is buying gold and gold mining stock.
The latest addition to the Soros Management Fund is 19 million shares of Barrick Gold. Barrick Gold is one of the world’s leading precious metal miners. Barrick Gold’s stock has been very active since the beginning of 2016. The fear of a major economic slide is making investors sell stocks and buy gold. And it’s not just gold stocks that investors are buying. Some investors are buying physical gold and burying it in their backyards. Soros is not one of those people, but Soros did say that keeping cash around is a smart move.
George Soros Trading Again
It’s not easy being a legend in the investment world, but Soros makes it look easy. George left Hungary when he was 14 because the Nazi were taking over the country. His father decided to hide their Jewishness using false documents and young Soros got out of the country and moved to England. He got a job as a waiter while he attended the London School of Economics. He earned a degree in philosophy, and in 1956 he moved to the United States. His first job was on Wall Street, and it didn’t take Soros long to learn how the investment game was played.
By 1992, George Soros was managing his own hedge fund, and that was the year he made $1.4 billion in commissions on one trade. Soros decided to short the pound sterling against the U.S. dollar that year, and when the UK was forced to devalue the pound, the Soros Fund made $7 billion. If Soros is right about gold, his hedge fund stands to make billions more this year. George Soros is not the only hedge fund investor that is adding gold to their investment portfolios. The price of gold has jumped more than 20 percent in the first three months of 2016. Gold is trading for $1300 an ounce, but some investors think the price of gold will hit $2,000 an ounce by the end of 2016. Soros is one of those investors. Soros doesn’t make too many mistakes when he invests billions of dollars in an asset.
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