George ‘The Devil’ Soros Ups Stake in $ABX

The reporting of his positions is meaningless subterfuge at this point in his net worth arc. I wouldn’t be surprised to learn that his reported positions were merely press releases to misdirect the public into onerous investments. His malevolent position against life, liberty and the American way make anything he says or does suspect.

The only interesting thing about his renewed interest in ABX is that he timed the top in gold when he sold it earlier this year.

Soros Fund Management LLC bought 1.78 million Barrick shares in the third quarter, taking total holdings to 2.85 million, according to a regulatory filing. The fund rebuilt its stake in Barrick, one of the world’s two largest gold producers, after selling 94 percent of its holdings in the second quarter to cash in on the stock’s best first-half performance ever.

The billionaire investor’s purchase comes after Barrick began steps to cut costs and sell assets to lower its debt. The Toronto-based producer reported third-quarter earnings that topped analysts’ estimates even as gold prices posted their first quarterly decline this year.

Barrick shares have fallen to a seven-month low of C$19.86 as haven demand for gold wanes amid prospects of rising U.S. interest rates. Bullion has slipped more than 7 percent since June, in part because of speculation that U.S. President-elect Donald Trump’s pledge to increase infrastructure spending will widen the deficit and boost yields, hurting the appeal of non-interest bearing gold.

“The Barrick train keeps chugging as the company’s continual focus on lowering the cost per ounce of gold produced is paying off, positioning it well for the long term,” Bloomberg Intelligence analysts Kenneth Hoffman and Sean Gilmartin said in an Oct. 27 report.