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 ...
this evil POS trouble-maker and the word ‘killing’ in the same headline .... hum.....????
I was wondering about that yesterday. Sadly, he probably ain’t gonna be bankrupt after this result. I kinda think we should maybe have it on the ballot for us to bail out of the u.n. and all of it’s bs. But that’s just me. Or not.
too bad, I wish Soros had gone all-in on “REMAIN” and then he could have lost his entire net worth, heh heh
So he went all in betting ON Brexit? BS. I’m sure he had hedges to not lose too badly either way but I think we know which way he was betting.
How foolish is the stampede that is driving the markets down?
Absolutely nothing has changed from yesterday because of the Brexit vote.
If the politicians dont ignore or kill the exit vote it will be a long, drawn out affair for Britain to actually exit the EU.
It could be years before exit terms are agreemed on.
Yep. DOW paring losses already. Silver was up $.85 cents last night, already pared back to up $.40. Slowly waking up.
The operative word is “may”. They actually have no idea.
Britain’s economy isn’t going to collapse, and Soros knows the truth. That’s why he’s going to be making a profit off of dumbass fearmongers... as will I and numerous God-fearing conservatives around the world.
He WANTED “stay”, because with that result he retains a lot of power and milks even more money off the manipulated markets. He’s not such an ideologue that he won’t take advantage of the true believing Keynesians, though.
Yep, you can be sure he hedged his bets and his sympathies were with remain.
I wouldn’t be surprised if the Dow jumps several hundred points tomorrow. All sorts of people are making loads of money on the ups and downs here.
The media has a collection of prepared headlines for each surge or plunge. A big drop will elicit “global growth worries” or some similar thing, while a big rise in the index will occasion “global growth concerns ease”, etc.
From day to day, the economy changes 100%. Sure it does! Follow the money. The traders have this market in their hip pockets.
You got that right. He’s a ass.
He’s pure evil.
Definitely. And kick them out to some POS middle east country where it belongs.
Me too. And he was warning about what would happen if it won, and he still makes $ so that bastid plays both sides of each fence....
Soros may make major financial gains by shorting the Pound in the short run, but that’s trivial compared to the major long-term blow to Soros’ ideological agenda caused by Britain’s exit from the EU, and, with any luck, the eventual collapse of the whole EU enterprise as other European nations hold referenda to withdraw.
That’s what I thought too. He has his slimey arse covered either way, so he’ll make some, but he’ll also lose some.
Agreed
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