A few legendary influencers in investing are making huge bets right now on commodities, an area that’s faced—and continues to face—some pretty strong headwinds. What are we to make of this?
I already shared with you that famed hedge fund manager Stanley Druckenmiller made a $323-million bet on gold, now the largest position in his family office fund. It’s also come to light that George Soros recently moved $2 million into coal producers Peabody Energy and Arch Coal. Meanwhile, activist investor Carl Icahn took an 8.5-percent position in copper miner Freeport-McMoRan, which we own.
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My friend Marc Faber, the widely-respected Swiss investor and editor of the influential “Gloom, Boom & Doom Report, ” is now plugging for the mining sector and precious metals. Speaking to Bloomberg TV this week, Faber claimed that investors are running low on safe assets and suggested they revisit mining companies:
