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Billionaire who broke the Bank of England opts for gold haven as he thinks Brexit would mean end of EU

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George Soros has piled more of his £30bn fund into gold amid growing concerns about the global economy.

The billionaire investor also warned that if Britain voted to leave the EU on June 23 it would mark the end of EU.

Mr Soros, dubbed “the man who broke the Bank of England” for his multi-billion bet against sterling in the 1990s, is reported to be selling more shares and betting “big” on bearish investments, including the precious metal.

Mr Soros said he had stepped up purchases of gold because he believed that continued weakness in China would keep global inflation rates around the world dangerously low.

“China continues to suffer from capital flight and has been depleting its foreign currency reserves while other Asian countries have been accumulating foreign currency,” Mr Soros said in an email to the Wall Street Journal.

Regulatory filings show that in the first quarter of 2016, Mr Soros’s fund bought just over a million shares in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, valued at about $123.5m (£85.40m).

Mr Soros’s fund also bought 19m shares in Barrick Gold, the world’s largest gold producer, according to filings with the Securities and Exchange Commission.

He continued, “If Britain leaves, it could unleash a general exodus, and the disintegration of the European Union will become practically unavoidable”.

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Paul

The author Paul