George Soros has made a return to trading after almost a year away from trading. According to CNBC, the billionaire directed his firm, Soros Fund Management, to sell stocks from other sectors and then buy gold and shares in gold mining companies. This move shocked many people who had thought the self-made billionaire was out of trading for good.
After several efforts to save the European Union and Ukraine, George Soros seems to have given up on the dream. Instead, he has directed his efforts to saving his empire from a potential economic disaster that may follow events such as the fast approaching British referendum on exiting the union. BREXIT has created a gloomier view of the global economy as many investors and traders expect large market moves before and after the referendum. It seems Soros move from the stocks is one of the first in the industry.
Analysts believe that Soros has been lured back not by the potential damage of the coming economic troubles on his investments, but by the opportunities to make profits from the potential crises. The investment firm, founded by George Soros, manages over $30 billion of investments for him and his family. The bearish investments could not go without being noticed by other traders and investors.
George Soros first earned fame in 1992 when his gamble against the British Pound saw him rip profits in excess of $1 billion from one trade. However, his recent move is seen to be against his old trading patterns where he attacked potential crises head-on rather than avoiding them.
Through an email interview, Soros noted several things that he considered bad for the global economy. First, Soros talked about the capital flight from China. He also pointed out that European Union may be heading for a collapse due to its failure to solve crises such as migration crisis, the UK’s potential exit and Greek financial challenges.
About George Soros
George Soros is a Hungarian-American investor and philanthropist. He was born in Budapest, Hungary, on August 12, 1932. A Jew by birth, he faced the horrors of the Nazi regime when he was a teenager before moving to England. His outstanding investment skills enabled him to start Soros Fund Management, which helped him become a billionaire. Apart from trading, he is also known for active participation in politics such as creating the Open Societies that led to the collapse of communism. Soros has also donated lots of money to both charities and political agendas such as Hillary Clinton’s presidential campaigns. The billionaire has affiliations to other companies such as F.M. Mayer, Wertheim & Company and Arnhold S. Bleichroeder.
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