Soros Drops 37% of His US Stocks, Buys Gold

As America's prospects look bleaker and bleaker, the prospects for people with gold-heavy investment portfolios are looking brighter and brighter. To economists like James Rickards, this is hardly a surprise, as the government's continued reliance on monetary easing and printing currency makes the dollar unstable, leaving hard alternatives like gold the preferable choice:

“Gold for immediate delivery jumped 16 percent in the first three months of the year, the biggest quarterly surge since 1986, according to Bloomberg generic pricing. Shares of Toronto-based Barrick have more than doubled this year as the miner accelerates cost-cutting efforts and reduces debt. Barrick is up 39 percent since March 31.

Soros returned money to outside investors five years ago and his New York-based firm now manages his own wealth. Michael Vachon, a spokesman for Soros, declined to comment on the firm’s holdings.

Soros sold a stake in Level 3 Communications Inc. which was worth $173 million as of Dec. 31 and a holding in Dow Chemical Co. that was worth $161 million, according to the filing. The family office also divested its stakes in Endo International Plc and Delta Air Lines Inc.

Glenview Capital Management, the hedge fund run by Larry Robbins, Citadel Advisors and Millennium Management also cut investments of U.S.-listed stocks last quarter. The value of Glenview’s equity holdings fell by 22 percent to $13.6 billion; Citadel’s dropped by 29 percent to $38.8 billion and Millennium’s declined by 17 percent to $36.5 billion, filings show.

Money managers who oversee more than $100 million in equities in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded or cash.”

Source: Bloomberg


Leave a Reply

Pin It on Pinterest