Published On: Tue, May 17th, 2016

Billionaire Soros Cuts U.S. Stocks by 37%, Buys Gold Producer

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  • Billionaire George Soros cut his firms investments in U.S. stocks by more than a third in the first quarter and bought a $264 million stake in the worlds biggest bullion producer Barrick Gold Corp.
  • Latest filings suggest that the billionaire investor is going longer of gold, and betting more heavily against the S&P 500.

Billionaire George Soros cut his firm’s investments in U.S. stocks by more than a third in the first quarter and bought a $US264 million stake in the world’s biggest gold bullion producer Barrick Gold Corp.

The value of Soros Fund Management’s publicly disclosed holdings dropped by 37 per cent to $3.5 billion as of the end of the last quarter, according to a government filing Monday. Soros acquired 1.7 percent of Barrick, making it the firm’s biggest US-listed holding. Soros also disclosed owning call options on 1.05 million shares in the SPDR Gold Trust, an exchange-traded fund that tracks the price of gold.

Soros, who built a $US24 billion fortune through savvy wagers on markets, has warned of risks stemming from China’s economy, arguing its debt-fueled economy resembles the U.S. in 2007-08, before credit markets seized up and spurred a global recession.

In January, the former hedge fund manager turned philanthropist said a hard landing in China was “practically unavoidable, ” adding that such a slump would worsen global deflationary pressures, drag down stocks and boost U.S. government bonds.

Read the full stry at AFR, by Jesse Riseborough and Saijel Kishan

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