George Soros is an American-Hungarian billionaire businessman, philanthropist and investor and the chairman of Soros Fund management. He is regarded as one of the richest 30 people globally. This is described at Wikipedia. Read more at http://www.forbes.com/profile/george-soros/
Soros earned his Doctoral Degree from the University of New York for Social and Research and the University of Oxford in the year 1980. He graduated at the London School of Political Science and Economics in 1952 after which he fled to New York, taking a job at Wall Street Brokerage firm. After a few years of working, George Soros established his own hedge fund, Soros Fund Management with $12 million obtained from investors.
As a philanthropist Soros supports human rights and democratic issues through his popularly known Open Society Foundation. Till today, George Soros is reported of having donated more than $8 billion for liberal political networks for instance those of Hillary Clinton. Forbes reports that he is highly esteemed for his investment prediction in the financial market at the moment he made a profit of $1 Billion during the Black Wednesday currency crisis in United Kingdom. He was even codenamed “the man who broke the Bank of England”. Soros wealth is approximated to be $26.5 billion and is managed at Soros Fund management.
Earlier this year, George Soros predicted that the prices of Gold would surge inevitably following a fallout of the China economy. He compared the current debt-fueled economy of China to the 2007-2008 scenario of the United States before credit markets fluctuated and seized up, prompting a global downturn. He insisted that the scenario was unavoidable and that an effort to stabilize the economy would result to a surge in the prices of Gold. This is reported by Bloomberg
George Soros therefore opted to reduce his investments in US-based stocks by more than a third in the 1st quarter of the year while he bought shares worth $264 million in one of the leading producers of Gold, Barrick Gold Corporation. This resulted to a drop of value of Soros Fund management public disclosed holdings by 37% to 3.5 billion in the last quarter of the year. This is reported by Bloomberg.
Soros acquired 1.7% stake at Barrick Gold, making the largest US listed holding. Soros also acknowledge to have bought 1.05 million shares in SPDR Gold Trust, a corporation that tracks the price of Gold in international market.
In the first three months of the year, the price of Gold for immediate delivery jumped 16%, the greatest periodical surge ever witnessed in the history of economic downturns. The shares of Barrick, the Toronto based Gold Mining Corporation doubled as miners reduced debts and hastened cost-cutting efforts. By March 31st the company was up 39%. Read more at http://www.nybooks.com/contributors/george-soros/
Soros used his investment returns to repay investors he owed five years ago and his New Yok based Soros Fund Management started to manage his own wealth.