Billionaire investor and philanthropist George Soros is back at the trading desk.
In an email interview with the Wall Street Journal, Soros voiced his concerns about the global economy and structural issues with the Chinese economy. “China continues to suffer from capital flight and has been depleting its foreign currency reserves while other Asian countries have been accumulating foreign currency,” Soros said in his email to the WSJ. “China is facing internal conflict within its political leadership, and over the coming year this will complicate its ability to deal with financial issues.”
Citing people close to the story, The Wall Street Journal reported that Soros has made a number of trades, which include the selling of stocks and the buying of gold and gold related mining stocks as his concern for the global outlook continues.
Soros, chairman of the $30 billion fund Soros Fund Management also sees risk to the European Union (EU) heading into the Brexit vote later this month. “If Britain leaves, it could unleash a general exodus, and the disintegration of the European Union will become practically unavoidable,” Soros said in his email to the WSJ. (See also: Brexit Is Gaining Momentum.)
It has been nearly a decade since Soros was involved in his firms trading. In 2007, concerned about the U.S. housing market he made some bearish trades that made more than $1 billion after the housing market collapsed through the crisis.
Britain has been kind to Soros in the past. In 1992, Soros made over $1 billion when he shorted the British pound in what famously became known as Black Wednesday.