Gold Goes From “Ultimate Bubble” To Ultimate Buy For Soros
George Soros, who once called gold “the ultimate bubble,” has resumed buying the gold ETF and shares after a three-year hiatus.
Soros Gets Gold Badly Wrong In 2010 – Gold in USD (2009 to 2012)
The billionaire investor yesterday disclosed that in the first quarter he bought 1.05 million shares in SPDR Gold Trust, the world’s biggest gold exchanged-traded fund, valued at about $123.5 million.
Soros cut his firm’s investments in U.S. stocks by more than a third in the first quarter and bought a $264 million stake in the world’s biggest bullion producer Barrick Gold Corp.
Soros allocation to the Gold ETF and nearly a quarter of a billion to just one gold mining share – Barrick – shows he is clearly now bullish on gold and no longer views gold as the “ultimate bubble.”
Leave a Reply