A billionaire hedge fund manager linked to George Soros bought up gold shares after multiple financial experts warned a stock market crash is coming.
Stanley Druckenmiller, who runs Duquesne Capital after previously working for Soros, now owns 2.88 million shares of SPDR Gold Trust, making it his largest single holding and long position.
That means if the price of gold goes up, Druckenmiller profits tremendously.
“Druckenmiller’s [SPDR Gold Trust] stake had a value of $300.3 million at the end of the quarter based on the June 30 closing share price of $104.27,” Business Insider reported. “Druckenmiller has previously said that when he sees something that really excites him he will ‘bet the ranch on it.’”
Multiple financial experts, including Dr. Ron Paul and Peter Schiff, have warned of a coming economic collapse, and Schiff in particular said gold will rise in response to the Fed’s non-stop creation of money called “quantitative easing” which devalues the dollar.
“We’ll always have to do [quantitative easing] to offset the damage from the previous QE,” Schiff told MarketWatch. “It’s like trying to put out a fire with gasoline. That’s all the Fed has—gasoline, and everyone expects the fire to go out. It can’t go out.”
“You need to be long gold and there is going to be a huge payday.”
And that’s exactly what Druckenmiller has done.
Druckenmiller rose to prominence in 1988 when Soros hired him to run the Quantum Group of Funds, which became famous for “breaking the Bank of England” by shorting the British pound sterling in 1992.
And now it appears the entire global economy is breaking apart.
“Right now we’re starting to see the whole thing coming apart; I mean we look at Detroit as an example, we see what’s happening in Greece, they’re worrying about what’s going to happen after Greece is actually recognized as totally bankrupt and there will be other countries,” Dr. Paul said on the Alex Jones Show.
The former congressman also echoed Schiff’s prediction that the Fed would keep trying to delay an inevitable collapse through QE.
“But that’s coming to an end,” Dr. Paul said. “The day of reckoning is at hand.”
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