Today King World News is pleased to be the first news outlet in the world reporting that hedge fund legend Stanley Druckenmiller, who now manages his own $4.7 billion fortune, just bought back his entire gold position after selling it on the night of Trump’s victory as President of the United States.
Hedge fund legend Stanley Druckenmiller, who oversees his $4.7 billion fortune, is long gold once again!
When it was reported that Druckenmiller had sold his entire gold position on the night of Trump’s win, it sent shockwaves through the gold market. In fact, before gold bottomed in the middle of December, look at the swoon starting on the left side of the chart that occurred immediately after Trump won what many called a shocking upset (see chart below).
From one of Bill Fleckenstein’s readers:
“On Wednesday I had the opportunity to hear Stan Druckenmiller speak at Purdue University. He covered quite a few topics from investments, interest rates, the Fed, entitlement spending, philanthropy, health care and politics. I found it all to be quite interesting and really enjoyed his stories. He was asked a question about selling his gold holdings after the election and I thought his response was quite interesting…
To hear which legend just spoke with KWN about $8,000 gold and the coming mania in the
gold, silver, and mining shares markets CLICK HERE OR ON THE IMAGE BELOW.
He (Druckenmiller) said he was long gold and short stocks going into the election as he thought Hillary would win and we would get higher taxes and more regulation which he viewed as negative. When it became clear that evening that Trump was going to win and gold was up big and equities were down big, he sold his gold and got long stocks. It didn’t make sense to him that gold was up big and equities were down as he thought Trump would be in favor of lowering the corporate tax rate and paring back regulations, which he viewed as positive for equities. He said he has been able to do a fairly good job of not getting emotional when it comes to investing and joked that his friend George Soros may have not been able to do the same thing over election night. I also thought it was interesting that he said since selling his gold he has bought it back. He didn’t make any comments as to the size, but said it was an interesting story and unfortunately he didn’t have the time to go into it. It was a real treat to get to hear him share.”
It will be very interesting to see what happens to the price of gold in the coming days. Just as the price of gold tumbled on the news of Druckenmiller’s sale, it will almost certainly rise on the news that he has bought back his entire long position in the gold market. ***ALSO JUST RELEASED: ALERT: Former Soros Associate Just Warned We Are About To Witness ‘Absolute F*cking Chaos’ Across The Globe CLICK HERE.
***KWN has also just released the powerful audio interview with top trends forecaster in the world Gerald Celente and you can listen to it by CLICK HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: The Path To Monetary Destruction CLICK HERE.
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