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George Soros took a big new gold position in the first quarter of this year…
Bloomberg reports the billionaire trader took a $264 million stake in the world’s largest gold miner, Barrick Gold (ABX). He also slashed his fund’s exposure to the U.S. stock market by 37%.
He now holds “only” $3.5 billion in U.S. equities. That makes Barrick Gold his largest single U.S. stock position.
Regular Daily readers know we’ve “pounded the table” on gold and gold stocks in 2016. As the S&P 500 struggles to stay positive on the year, gold is up 21%. It’s entered a new bull market… and Soros has capitalized on it.
But don’t think you’ve missed out on gold’s explosive move higher. The metal’s due for a consolidation after such a rapid rise… but the sentiment driving its surge—global fear of weak growth and negative interest rates—keeps growing.
Bottom line: Stay long physical gold as a defensive “chaos hedge.” Gold mining shares still provide an attractive speculative opportunity. Look to our friends at Casey Research for the best gold recommendations in a crisis.