"The Big Short’s" Michael Burry Makes $10 Million Bet In Gold, May 26, 2024

 

Despite its criticism of being an outdated relic, billionaires appear to be taking a new interest in gold. According to updated regulatory filings, Michael Burry’s Scion Asset Management is now betting big on precious metals. In the first quarter, Burry bought 444,000 units of the Sprott Physical Gold Trust, which is valued at more than $10 million. While Burry is attracting attention for his gold investment, he isn’t the only hedge fund manager bullish on gold. Last month, Billionaire investor Ray Dalio said that he holds some gold as a portfolio diversifier because it is the only form of “good money,” as fiat currencies are devalued by default or inflation risks. David Einhorn, Founder of Greenlight Capital has been a long-time gold bull. SEC filing showed that in the fourth quarter of last year the hedge fund bought $74 million worth of shares in the world’s largest gold-backed ETF, SPDR Gold Shares.