Black Wednesday king Soros backed Remain but ends ahead from bets against markets

Comments Off on Black Wednesday king Soros backed Remain but ends ahead from bets against markets

GEORGE Soros, who bet against the pound in 1992 to break the Bank of England, steered clear of a repeat performance during last week’s Brexit meltdown by backing on a rise in sterling.

The 85-year-old hedge-fund boss had predicted a 20%-plus fall in sterling if the UK voted to break with Europe, but like many investors was betting on a Remain victory.

“George Soros did not speculate against sterling while he was arguing for Britain to remain in the European Union,” his spokesman said. 

The pound plummeted to its lowest level against the dollar since 1985. His office said he still made money on a net basis, however, after shorting other markets around the world, which fell after the exit vote. 

Soros warned in a blog post yesterday that Brexit could be followed by “Frexit” and “Nexit”, the exit of France and the Netherlands from the EU.

“Now the catastrophic scenario that many feared has materialised, making the disintegration of the EU practically irreversible,” he said. 

Soros made a reported £1 billion in 1992 by taking on the pound during Black wednesday.

<!– –>

Source Article from http://www.standard.co.uk/business/black-wednesday-king-soros-backed-remain-but-ends-ahead-from-bets-against-markets-a3281786.html

June 27, 2016 |
Copyright © 2018 LondonBusinessLink.co.uk. All Rights Reserved. LondonBusinessLink.co.uk
WordPress Directory Theme

Classified Ads Software

We use cookies to ensure that we give you the best experience on our website.
More about our cookies
Ok
Skip to toolbar