Haute 100 NYC: Why Has George Soros Invested Big in Gold?

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The Securities and Exchange Commission has released new filings that have let us know where America’s most successful business magnates are investing their coins. Haute 100 lister George Soros has opted to purchase millions of share in one of the biggest gold miner company.

In the government document, it is noted Soros purchased $264 million worth of shares of Barrick Gold (ABX). He now owns 1.7 percent of Barrick, making it the fund’s biggest U.S.-listed holding. He also acquired 1.1 shares in the popular SPDR Gold ETF (GLD), which offer investors an innovative, relatively cost efficient and secure way to access the gold market.

The filing also shows Soros Fund Management’s holdings have decreased by 37 percent to $3.5 billion at the end of March.

Earlier this year, the Hungarian-American business investor and philanthropist donated $2 million to the Human Rights Institute at the University of Connecticut. According to the Greenwich Time, alongside the donation made by Soros, Gary Gladstein, his chief operating officer of Soros Fund Management in New York, and his wife also donated $2 million.

The donations, which requires UConn Foundation to raise an additional $2 million in matching funds, would give the Institute a $6 million endowment and provide scholarships to undergraduates majoring in human rights. In a statement made by the universities president, Susan Herbst, expressed her gratitude towards Soros and Gladstein’s generosity. She said, “The vision and generosity of our donors continues to make an incredible impact on this program and is helping to make UConn a global leader in human rights education and scholarship. We could not be more grateful to both Gary Gladstein and George Soros for their support and commitment to our university and the field of human rights.”

Regarding his gift, Soros said, “I was a child in Hungary when the Nazis invaded. I then lived under Soviet rule, so I know what it is like to live under brutal regimes that deprive people of their basic human rights. I am pleased to support UConn’s critical work in researching and promoting human rights. I am glad to partner with Gary to help build UConn’s program.”

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