Posted on 06/24/2016 6:54:17 AM PDT by b4its2late
George Soros may be getting rich on an implosion in British markets—again.
The landmark vote in the U.K. to leave the European Union has rocked global markets, sending the British pound GBPUSD, -7.3484% to its lowest level in more than 30 years. Futures for the Dow Jones Industrial Average DJIA, -2.27% plunged as much as 700 points at one point and Europe’s benchmark stock-index SXXP, -6.10% was facing its worst one-day plunge since 1987.
It is precisely the scenario Soros, writing in Britain’s Guardian newspaper last week, warned of. The global financial carnage and Friday’s carnage could be adding to the wealthy investor’s bankroll, if reports are true.
Soros is famous for breaking the Bank of England — and lining his pockets — in 1992 with his bet against the British pound, which resulted in Sterling’s ejection from the European exchange-rate mechanism.
Soros Fund Management, which manages some $30 billion for Soros and his family, has been scooping up gold assets and placing wagers that stocks will tumble, according to The Wall Street Journal in an article dated June 9.
On Friday, gold futures GCQ6, +4.40% stampeded to their highest level in two years in early electronic trade. Although they’ve cooled somewhat, the yellow metal was still at $1,328.20 an ounce. It has drawn safe-harbor bids due to investors’ worries that the so-called Brexit, or British exit from the EU, could destabilize Europe’s trade bloc.
Soros bought some 19 million shares in gold miner Barrick Gold Corp. ABX, +4.91% in the first quarter, according to recent public filings. He also bought a large stake Sliver Wheaton Corp. SLW, +2.69% a silver-focused mining firm.
(Excerpt) Read more at marketwatch.com ...
Yeah, it’ll crawl back. Gold’s up $52. I have stocks in both gold and silver based on where their prices go...
If the rocka-fellas really cared, they could put up some low rent housing on the site. Of course low rent in NYC would probably be what, around $3,000/mth. Studio with shared toilet?(no clue)
The downtick in the British Pound won’t last very long. The UK will negotiate trade agreements with its major partners (including what remains of the EU) and its economy and currency will be strong as ever. Whatever alleged benefits the UK got from EU membership will be achieved just as readily through negotiated trade deals with its neighbors, without having to deal with any of the political baggage of Brussels bureaucrats or unrestricted immigration.
His ill-gotten gains won’t buy him a room in heaven.
... not too long. As I understand it the EU bylaws place a two year time limit on any country that leaves. That seems like a reasonable amount of time considering all the legal crapola that will be needed ...
You mean the world isn’t coming to an end?
If you want to make money, go to Yahoo Finance, read the headlines, and do the OPPOSITE.
Yahoo has been running non-stop stories how Trump is going to destroy the economy as will the Brexit.
Yahoo is the enemy within.
He doesn't have time to spend it and he can't spend it where he's going.
Geogi knows all about selling short...just ask the Hungarian Jews (those still alive) how he and his father sold them out to the Nazis for a profit.
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