Renowned investor buys gold and shorts stocks as he warns of bleak future for global economy
- 85-year-old famously made successful bet against the pound in 1992
- The billionaire hedge fund investor has now bought gold, report claims
- After doing so, he said he fears China’s debt woes reflect the 2008 crisis
George Soros has started trading again as he warns China’s market woes reflect the early signs of the 2008 financial crisis.
The renowned investor, who won billions with a landmark bet against British sterling in the early nineties, has been absent from the stock market of late.
But according to the Wall Street Journal, the billionaire hedge fund founder has recently made a number of significant moves that have ominous implications for the global economy.
Last quarter, Soros bought gold, threw his influential backing behind gold miners, and shorted stocks, sources close to Soros Fund Management told the Journal’s Gregory Zuckerman.
Responding to the news, Soros told Zuckerman in an email that he had serious concerns about an impending financial crisis.
‘China is facing internal conflict within its political leadership, and over the coming year this will complicate its ability to deal with financial issues,’ Soros said.
He also turned his attention to Britain’s upcoming referendum on the European Union, backing the Vote Stay campaign.
Soros said recent strength in the British pound was a sign that a vote to exit the EU is less likely.
And he said he was confident that support for Britain to remain in the European Union would rise ahead of the June 23 vote.
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