Brexit would spell end of EU – Claimed Mr. Soros

Brexit would spell end of EU – Claimed Mr. Soros

Billionaire investor George Soros has given more of his $30bn fund into gold as UK government borrowing costs dropped to a record low amongst concerns about global growth.

Mr. Soros also informed that if Britain voted to leave the EU on June 23 it would mark the end of the disintegration of the EU.

UK benchmark gilt yields fell to 1.218pc, the lowest on record, while German 10-year bund yields also fell to a new low of 0.0234pc as growth worries pushed investors towards low-risk sovereign debt.

The descend to safety ended a weeklong rally for global stocks and commodities as investors relooked at the global outlook. Gold prices rose while oil fell more than 1pc.

The billionaire said he had increased his purchases of gold because he believed continued weakness in China would keep global inflation rates around the world dangerously low. Mr. Soros said in an email to the Wall Street Journal “China is facing internal conflict within its political leadership, and over the coming year this will complicate its ability to deal with financial issues.”

We have seen investors buy gold during times of panic because it is seen as a store of value and viewed as an inflation hedge. Mr. Soros’s fund also bought 19m shares in Barrick Gold, the world’s largest gold producer, according to filings with the Securities and Exchange Commission.

But the billionaire said the strength of the pound in recent weeks suggested a leave vote was unlikely. We will see the result of this unfold on June 23rd.

Category: News
Tag: Brexit Eu Politics Soros Uk