George Soros, who once called gold “the ultimate bubble,” has resumed buying the precious metal after a three-year hiatus.
On Monday, the billionaire investor disclosed that in the first quarter he bought a 1.05 million shares in SPDR Gold Trust-related investment.
Specifically, he bought bullish options contracts on 1.05 million shares in the SPDR Gold.
SPDR Gold is the world’s biggest gold exchanged-traded fund, valued at about $123.5 million.
Soros also took a stake in the world’s biggest producer of the metal, Barrick Gold Corp., worth $264 million at the end of March, the filing showed.
I was hugely bullish on gold since late last year and in fact put out a special video for subscribers to my EPJ Daily Alert in early January 2106 explaining why it was important to buy solid investments when they are going down. I specifically mentioned gold and oil in the video and stated that I expected great performance out of both and noted that gold was trading at approx. $1100 at the time of the recording and oil was at approx. $35 per barrel.
It is good to see Soros and many other billionaire money managers helping lift the price from the early January lows. Keep it up George. EPJ Daily Alert readers thank you.