It’s no secret that rich people like gold—as a hedge against possible inflation, as a hedge against financial uncertainty, and as a store of value over the long term.
You might be surprised, however, at just how many billionaires and wealthy investors have piled into the yellow precious metal in 2016.
From investment blog Seeking Alpha, some interesting details on billionaire George Soros’ move into gold:
Much has also been made of George Soros (or rather his fund managers) making a very significant investment in Barrick Gold (NYSE:ABX). Since the final close of 2015, Barrick is still up a massive 125% even after the recent sharp correction. At its peak, it was up an enormous 162% – a remarkable performance for the world’s largest gold producing company and one which has huge strength in depth, but which performed abysmally through the global gold price downturn.
Filings show that Soros Fund Management acquired shares in Barrick taking its holdings to 1.7% during Q1 this year
Aside from Soros, the billionaire Stan Druckenmiller has piled into gold recently, Bloomberg News reported
Stan Druckenmiller, the billionaire investor with one of the best long-term track records in money management, said the bull market in stocks has “exhausted itself” and that gold is his largest currency allocation.
Even Donald Trump has given some signs that he is not averse to gold ownership and back in 2011 reportedly took gold as a security deposit payment from the precious metals company Apmex: “Love him or hate him as a presidential candidate, Donald Trump has the same attitude toward owning gold in today’s easy-money economy. After leasing a floor of the Trump Building to Apmex, a precious metals exchange, he agreed back in 2011 to accept three 32-ounce bars of gold as the security deposit, according to TheStreet
The U.S. dollar, Trump says, is
“not being sustained by proper policy and proper thinking.” Accepting the gold “was an opportunity… to show people what’s happening with the dollar so we can do something about it.”
You don’t need to be a billionaire to get into gold ownership, however. Goldmoney has more than 1 million users in 150 countries, some with very large gold holdings presumably, and some with more modest balances.
Learn more and: Open Free GoldMoney Holding Today
My objective is to share with you my views on gold, which in recent decades has become one of the world’s most misunderstood asset classes. This low level of knowledge about gold creates a wonderful opportunity and competitive edge to everyone who truly understands gold and money.
