Forex Nominations 2020
When risks increase for the global economy, more and more investors are choosing to place their funds in gold and other precious metals. Even billionaire George Soros (who for the past years has been a dedicated philanthropist) has returned to asset management and began to actively invest in gold and companies related to the gold market, whilst simultaneously selling off assets which are unrelated to precious metals.
Soros is lauded as a successful investor who has made an enormous amount of impressive investment decisions. Amongst some of the most notable of his career trophies are the following.
Opening short positions for the GBPUSD currency pair in the summer of 1992 due to seeing that the pound was overvalued. The pound crumbled in September and Soros managed to make around one billion USD out of this.
Opening long positions for the USDTHB currency pair (a bet against the Thai baht) in the spring of 1997, having an inkling that a financial crisis awaited Asia. The financier’s forecasts turned out to be on the money and in the summer of that year the Thai baht began to drop rapidly, with Soros making a cool profit exceeding 750 million USD by the beginning of 1998.
Opening long positions on the USDJPY pair (a bet against the Japanese yen) in November of 2012, expecting the launch of a massive program of quantitative easing by the Bank of Japan, thereby leading to a weakening of the yen. Abenomics bore fruit for Soros and, by spring of 2013, his returns from these trades stood at around 1.4 billion USD.
It’s worth noting that Soros’ current forecast for gold has all of the chances to be successful due to increased risks to the global economy, problems in China (a slowing of growth, capital flight, conflict within the political leadership coming to a head, etc.), coupled with the political differences in Europe.
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