**Billionaire George Soros draws back his U.S. stock investments by more than a third going against the equities and instead banking on Gold.
After the value of Soros Fund Management’s publicly disclosed holdings dropped by 37 percent to $3.5 billion as of the end of March Soros revealed bullish options contracts on 1.05 million shares in the SPDR Gold Trust, which tracks the price of bullion. Further more the firm took stakes in the world’s biggest producer of the metal, Barrick Gold Corp., which was worth $264 million at the end of March
Soros, who’s empire, worth $24 billion built through savvy market wagers, has warned of risks stemming from China, saying a hard landing in the Asian nation was “practically unavoidable,” adding that this would drag down stocks and boost U.S. government bonds
Along side this billionaire investor Stan Druckenmiller, earlier this month called the yellow metal his largest currency allocation as central bankers experiment with the “absurd notion of negative interest rates.”
According to Bloomberg generic pricing of gold for immediate delivery jumped 16 percent in the first three months of the year, the biggest quarterly surge since 1986.