Soros Backs Gold to Hedge Against EU Collapse, Bitcoin Joins Gold As Brexit Hedge
Fearing a possible EU collapse, and attempting to diversify away from a volatile dollar, billionaire George Soros has begun heavily investing in gold stocks. According to a Wall Street Journal article, Soros Fund Management, the $30 billion fund which oversees Soros’s investments, made a series of large investments into precious metals. Soros bought a $264 million stake, or 1.7% in Canada-based Berrick Gold, while cutting investments in US-based stocks by one third. Hedging against potential EU collapse triggered by “Brexit”. Soros is aligning his investments with precious metals in....
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Earlier this month, a majority of citizens in the United Kingdom voted to exit the European Union. This departure, known as “Brexit,” caused a temporary global market collapse, and prompted US billionaire George Soros to warn that a collapse of the European Union is “practically irreversible” at this point. During the polling leading up to the Brexit vote, gold and Bitcoin both tracked polling to leave the EU. Luca Dordolo, Italian BTM operator, sees Bitcoin as becoming considered, like gold, a hedge against weak markets. “What's happening to gold rates in these Brexit days, stock markets....
Billionaire hedge fund manager Paul Tudor Jones says that bitcoin is currently “winning the race against gold.” He added that the cryptocurrency is his preferred inflation hedge over gold. Paul Tudor Jones Chooses Bitcoin Over Gold Paul Tudor Jones, the founder of asset management firm Tudor Investment Corp., talked about bitcoin being his preferred hedge against inflation in an interview with CNBC Wednesday. He said: Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment … It would be my preferred one over gold at....
A portfolio manager and member of Blackrock’s Global Allocation Fund says gold is now a less effective hedge against inflation as well as moves in other assets such as stocks. In comments that appear to undercut the precious metal’s renowned status, Russ Koesterich claims that “gold’s ability to hedge against inflation has been somewhat exaggerated.” Gold Less Reliable Across Most Investment Horizons While Koesterich is still cognizant of gold’s status as a “reasonable store of value over the very long-term,” he does however opine that....
Dalio sees gold as a hedge against inflation but also has a bit of BTC in his portfolio. Hedge fund manager Ray Dalio says he’s still bullish on Bitcoin but has a greater penchant for gold.Speaking to CNBC on August 4, the billionaire investor admitted to owning a “very small amount” of Bitcoin but said that he would choose gold if he had to make the choice between the two.“If you put a gun to my head, and you said, ‘I can only have one. I would choose gold.”But he added that he sees Bitcoin as digital gold and that i remains an important way to diversify. “There are certain assets that....
Deutsche Bank’s strategist Jim Reid reportedly wrote that investors are increasingly demanding to use bitcoin instead of gold to hedge dollar risk and inflation. His research concurs with one recently published by JPMorgan’s analysts that shows institutional investors moving from gold to bitcoin. Investors Replacing Gold With Bitcoin In a report discussing the performances of several investments post-vaccine news, Deutsche Bank’s research strategist Jim Reid wrote that “One of the oddities has been the dramatic divergence between gold (-3.6%) and silver (-4.4%) on....