August 14th filings with the Securities Exchange Commission reveal that billionaire Obama-backer George Soros has dumped his stocks in financials and more than doubled his holdings in gold.
Soros unloaded 420,000 shares of Citigroup, 701,400 shares of J.P. Morgan, and 120,000 shares of Goldman Sachs, even as the DOW is currently over 13000. He purchased an estimated $130 million in gold.
The move is a stark contrast to Soros’s sale last year of $800 million in gold.
Soros is not alone in his rush to gold. According to Bloomberg News, billionaire John Paulson also recently upped “his stake in the SPDR Gold Trust, the biggestgold-backed exchange-traded product, by 26 percent in the secondquarter.”
Traditionally, investors buy gold as a hedge against economic uncertainty.