Billionaire George Soros has reduced its portfolio of US stocks by 37% and bought a stake worth $ 264 billion in the largest gold producer Barrick Gold Corp - on AMarkets materials.
The volume of the Soros investment in shares decreased to the level of $ 3.5 billion at the end of the previous quarter. The billionaire has bought 1.7% stake in the company Barrick. It also became known that Soros holds 1.05 million shares in the fund SPDR Gold Trust - ETF, which trades in relation to the yellow metal. Former adviser to Soros Stan Dryukenmiller also bullish for gold. At the start of May the expert said that the gold - its main asset for portfolio diversification.
In the first 3 months of the year gold is standing at attention on the 16% - is the maximum quarterly growth since 1986 - Bloomberg data. This year, the company's shares from the Toronto - Barrick - have increased in price more than doubled. The company is actively reducing its level of debt load and is doing everything in order to reduce production costs. Since March 31, shares of Barrick rose 39%.