No is going to hold any benefits for investor George Soros anytime soon. Soros is worth more than some small countries, and he seems to be getting richer by the minute. The 85-year-old Soros didn’t start his life rich. He was born in Budapest and at the age of 14, he was right in the middle of the Nazi invasion. Thanks to some quick thinking by his father, the family was able to hide their Jewish heritage. George got out of Hungary and landed in London where he waited tables when he was not going to philosophy classes at the London School of Economics. He earned his degree in 1952 and moved to New York in 1956. Soros got his first American job on Wall Street, and the rest of the story is history now.
The Soros Management Fund is one of the most successful hedge funds on the planet. George Soros has pocketed more than $24 billion from his investments and commissions over the last 60 plus years. He is best known for his bet that the UK would have to devalue to pound back in 1992. He won that bet and put $1.4 billion in commissions in his personal bank account. His latest investment is gold and gold mining. The Soros Management Fund recently sold a large chunk of their stocking holdings and invested in Barrick Gold stock, according to an article posted by CNBC.com.
The Wall Street Journal was first to publish the article about the new Soros investment strategy. It didn’t take long for the investment world to follow Soros into the gold market. Barrick Gold’s stock jumped by more than 44 percent in just a couple of days. George Soros thinks the value of gold could double in the next 18 months, and other big-time investors agree with him.
The main reason that Soros is moving assets around is the economic upheaval that is tearing countries in Europe, Asia, and South America apart. Soros believes the United States is on the doorstep of another brutal recession and the new president, no matter who it is, won’t be able to stop it. The European Union is jeopardy as well, according to George. The crisis in Greece, and the banking issues in Italy, France, and other EU members is taking a heavy toll on the Union. When the migration and terrorist factors are added to the financial issues, the result is a global economic disaster, according to Soros.
China is the other fly in the economic ointment, and it is a big one. China banks are in serious trouble, and the government is spending billions in capital reserves to stop the hemorrhaging due the enormous amount of bad debts on the Chines bank’s books.
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