Is the “Big Money” again moving into the gold market?
*CNN-Money, by Matt Egan, May 17, 2016
“George Soros is bracing for a stock market storm.
The legendary investor doubled his negative bet against the S&P 500 to more than $430 million, according to regulatory filings made public this week.
Soros, known as the ‘man who broke the Bank of England,’ is instead investing in gold.”
” ‘It’s been a while since he’s been this bearish,’ said Raul Moreno, CEO and co-founder of iBillionaire, an app that tracks the portfolios of influential investors. ‘Soros has made money in markets going up or down so people definitely trust what he’s saying.’
Soros has built a fortune on these bets. Forbes estimates he’s worth $25 billion. Soros is best known for betting $10 billion in 1992 against the British pound — a trade that made him $1 billion in a single day.”
“Soros isn’t the only big bear these days. Stanley Druckenmiller, who served as the lead portfolio manager at Soros’s hedge fund when it took on the Bank of England, recently warned that China is in the midst of an ‘extremely rare and quite dangerous‘ explosion of debt. Druckenmiller also railed against ‘reckless‘ behavior by U.S. CEOs and talked up gold, which has rallied 21% so far this year.
Jeff Gundlach, the so-called ‘king of the bond market,‘ too recently said he believes gold will soar to $1,400 an ounce.”
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