Hungarian-born hedge fund investor George Soros once said: “All of economic history is one lie and deceit after another. Your job as a speculator is to get on when the lie is being propagated and then get off before it is discovered.” That’s the way Soros has managed to amass an incredible fortune in the hedge fund industry. The 85-year-old George Soros is a master at betting for and against the odds, and he usually is on the winning side of the bet. One of his latest bets is in the gold market. According to the Wall Street Journal, Soros is in-it-to-win-it in the gold market. One of his first moves was to buy millions of shares of gold miner Barrick Gold. Barrick Gold Corporation is a huge precious metal miner, and the value of Barrick Gold’s stock have been going up like a hot air balloon on helium filled steroids since Soros made that investment.
Soros has been described in many ways over the years. He’s known as “the man who broke the Bank of England” when his Soros Fund Management made $7 billion betting the UK would devalue the pound sterling in 1992. George has been called an old man that likes to stir the pot when he warned the world that a global recession on the scale of the 2008 recession was in the works and could last for years. George Soros has been called an old coot that doesn’t know the real facts when he told the European Union how he thought the migration issues should be handled. But Soros doesn’t care about the names. Soros cares about the world and where it is headed. He also cares about making money, and he’s good at it.
Soros loves to play the investment game. He is not just an investor. He is a gambler that isn’t afraid to bet big. But Soros is also a humanitarian. He is helping people around the world discover democracy and the open society concept. Soros is the founder of the Open Society Institute. The Institute has branches in more than 20 countries. The people in those countries are being denied their human rights by oppressive governments. Soros has been spending a great deal of his time working with his Open Society foundation, but he recently turned his focus to the investment world and gold was his main target.
Most investors know that gold is one asset that is not impacted y global economic conditions. The gold market moves up and down depending on supply and demand. And demand is way up in the first three months of 2016. Soros and other hedge fund managers think gold is going to continue to increase in value. Gold is currently trading at $1,300 an ounce, but Soros thinks gold will top the all-time high of $1,900 an ounce this year. And when it does Mr. Soros and his family hedge fund will make billions more on their investment.
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