Famed investor Stan Druckenmiller, who was, according to Forbes, George Soros' main man when together they "broke the Bank of England," earning a $1 billion profit by shorting the pound in 1992, is ranked #577 on the Forbes list of world billionaires.
Regulatory filings show that he has recently taken a huge new stake in gold with his personal money.
According to Barron's, a new SEC filing shows he has acquired a 2.8 million share position in the SPDR Gold Shares valued at $323,626,000. That’s Druckenmiller’s largest single holding, ahead of Facebook (FB) and Wells Fargo (WFC).
How good is he at picking investments? Druckenmiller’s hedge fund returned 30% annually over three decades, according to Bloomberg,
-RW
(ht Andrew Kunian)
[aka Stargazer] Gold ETF's (paper gold) are supposedly a claim on the real stuff, but you can't (unless you are an Authorized Participant) actually take possession of any of the gold held by the trust. In the event of liquidation, you get dollars, not gold. Sorry!
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