George Soros Turns to Gold After Predicting an Uncertain Future in the Health of the Global Economy

George Soros gained international recognition in 1992 when he risked $10 billion on a single currency speculation when he shorted the British pound. Mr. George Soros turned to be right and in a single day he made a profit of $1 billion, but the profit was reported to have almost reached $2 billion. From then, Soros has been referred to as “the man who broke the Bank of England.”

He is also famous for running the Quantum Fund, a company that recorded growth of more than 30% on average when he was the president of the company. As a speculator in the financial market, George Soros is a self-made billionaire through betting the direction of the financial market. For this reason, Soros is thought to be the man behind the 1997 “Asian Financial Crisis” since he had made a large bet against the Thai baht.

Soros fled Hungary in 1947 and went to England. In England, he graduated from the London School of Economics in 1952 and found an entry-level job at an investment bank in London. George Soros later immigrated to the United States in 1956 and got a job with various companies on investment management positions. In 1973, Soros decided to start his company, Soros Fund Management recently managed under Quantum Fund and later Quantum Fund Endowment with $12 million from investors. Soros Fund Management is currently managing his assets after returning the assets of other investors. Read more on http://www.investopedia.com/university/greatest/georgesoros.asp

Soros is today valued at $24.9 billion according to Forbes Magazine. The vast amount of wealth enabled George Soros to participate in philanthropy through Open Society Foundation, an organization he created to act as a vehicle for his giving to ensure rights of people are respected, governments are held accountable for their actions, and no one has a monopoly of truth from others. Soros has also been able to take stands on controversial issues such as economy and politics. For instance, he engaged the Chinese government in a fierce exchange of words with the government of China over his recent prediction of the world economy based on the current credit surge in China.

In March this year, after his prediction that the current economic woes in China would slow down the global economy on http://www.cnbc.com/2016/05/17/soros-fund-management-outlines-new-allocations.html, he chose to invest in the world of gold and precious metals. George Soros through his firm Soros Fund Management decided to dial back the U.S. stock investments by more than a third and placed a bet against the equities and banking on gold. The firm bought shares of Barrick Gold Corp. worth $264 million at the end of March, and the shares of the company have more than doubled by mid-May this year.