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George Soros buys gold as U.S. economy going to be in downturn

09 June 2016 08:23 (UTC +04:00)

Worried about the outlook for the global economy and concerned that large market shifts may be at hand, the billionaire hedge-fund founder and philanthropist recently directed a series of big, bearish investments, according to people close to the matter.

Soros Fund Management LLC, which manages $30 billion for Mr. Soros and his family, sold stocks and bought gold and shares of gold miners, anticipating weakness in various markets. Investors often view gold as a haven during times of turmoil.

Earlier, during an interview on Bloomberg TV, the former partner of George Soros, Rogers Holdings Chairman Jim Rogers had said that there was a 100 percent probability that the U.S. economy would be in a downturn within one year.

"It's been seven years, eight years since we had the last recession in the U.S., and normally, historically we have them every four to seven years for whatever reasonâ€”at least we always have," he said. "It doesn't have to happen in four to seven years, but look at the debt, the debt is staggering."