In what analysts say is another indication that the economy will get worse in the not-too-distant future, recent filings by billionaire financier George Soros show he dumped virtually all his holdings in major financial companies like JP Morgan, Goldman Sachs, and Citigroup. His multi-billion-dollar U.S. fund also loaded up on gold, with the portfolio now holding more than $130 million worth of the precious metal.
Data compiled by analysts based on Soros’ most recent 13F filing with the Securities and Exchange Commission (SEC) showed that during the last quarter, his American fund sold more than a million shares of the big financial companies with a value of almost $50 million. During that period, Soros Fund Management also more than doubled its position in the SPDR Gold Trust to nearly 900,000 shares.
“When a major global player with direct ties to the White House, Wall Street, and the banking system starts off-loading stocks and starts stacking gold, it suggests a very serious market move is set to happen,” observed commentator Mac Slavo, a generally pessimistic analyst who follows financial news closely and has long predicted unprecedented economic chaos.
Despite his far-left political agenda, Soros has a solid track record of making wise financial moves. Americans should pay attention. “Soros is getting out of those companies which are most at risk should the financial system buckle like it did in 2008 and he’s shifting his assets into what may be the only asset class left standing when it’s all said and done,” Slavo concluded.
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Photo of billionaire financier George Soros: AP Images