George Soros Brings His Suggestion to Invest into Gold to Reality
Precious gold commodity is a safe haven for many investors and hedge fund managers when international economies are troubled. The 2008 Great Recession that began the end of 2007 in the United States, for an example, caused investors to panic and move investment products to other options on http://www.investopedia.com/university/greatest/georgesoros.asp. George Soros Fund Management analyzed the global financial crisis in 2008 and discovered that bullion futures increased 5.5 percent during the beginning of the economic event, according to Bloomberg, in January 2016. Bloomberg also stated that bullion futures rallied 24 percent in 2009 and 30 percent in 2010. George Soros turned to a safety net and purchased shares in bullion miners, after forecasting an economic crisis in China, the second largest world economy.
George Soros has worked in the investment industry for 60 plus years and presently, manages more than $3 billion in assets for the Soros Fund Management, a family owned management firm in N.Y. To protect his investments, Mr. Soros sold shares in equities and purchased higher stakes in bullion miners. China economy has been in major headlines pertaining to the country’s financial stability, since the first week in January of this year. Mr. George Soros has made major headlines, as well, discussing the situation in the country and how it could affect economies worldwide. The fund’s SEC report for third quarter 2016 divulged information about how the firm was positioned.
By the end of March, the holdings for George Soros Fund Management had fallen to $3.5 billion, a 37 percent decrease compared to a previous SEC report. On March 16th, Bloomberg conveyed the report disclosed transactions for bearish and bullish contract options on http://www.cnbc.com/2016/05/17/soros-fund-management-outlines-new-allocations.html. The hedge fund management firm owns 2.1 million shares in a bearish option and 1.5 million shares in a SPDR Gold Trust bullish option. Barrick Gold Corp. was included in the Soros Fund’s investment portfolio, which had a net worth of over $260 million. Billion miners, including Barrick Gold have seen a rise in shares, since mid-January of this year.
George Soros knows when to quickly make strategic investment decisions during economic crisis. His six decades of watching the global economy fluctuate has given him insight on which products are safe during economic downturns. Mr. Soros received his degree in 1952 from London School of Economics and soon after, worked for Singer & Friedlander in London.
He relocated to the U.S. and became a citizen working on Wall Street and at Arnold & S. Bleichroeder. In the mid-1960s, George Soros founded Soros Fund Management with Jim Rogers. The partnership is currently dissolved and the Soros family owns all assets managed by George Soros Fund Management Firm. Mr. Soros has been a philanthropist for approximately 37 years and is active in the Open Society Foundation and family-owned firm.