Billionaire George Soros dumps $3.5B in U.S. stocks, goes for gold

Now must be the time to get into gold, or at least Soros thinks so

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(INTELLIHUB) — Elite billionaire George Soros scaled down on his holdings in the U.S. market by just over 37% or $3.5B in an effort to make more money off of China through gold.

While Soros is a controversial globalist figure worth over $23 billion, certain people who know what he is capable of will take his recent move seriously as he likely has insight into what is coming down the pipe in the financial sector.

Soros Fund Management “disclosed owning bearish options contracts on 2.1 million shares of the SPDR 500 ETF Trust, an exchange-traded fund that tracks the Standard & Poor’s 500 Index, with a face value of $431 million as of March 31,” according to Bloomberg.

Bloomberg reported:

“Soros also bought bullish options contracts on 1.05 million shares in the SPDR Gold Trust, which tracks the price of bullion. What’s more, the fund 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. Soros acquired 1.7 percent of Barrick, making it the fund’s biggest U.S.-listed holding.”

Barrick shares have more than doubled in 2016.

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