George Soros may have just done it again. According to HuffPo Rumors are circulating that the billionaire
investor made $19 million in just 36 hours by betting that the Australian
Federal Reserve would cut interest rates, the Sydney Morning Herald reports. On
Monday a trader in Hong Kong believed to be
from Soros’ investment firm placed a $1 billion bet on the Australian dollar
dropping in value as a result of the rate cut -- a prediction that ultimately
came true a day and a half later. What’s
more is that it appears the mystery trader made the bet three times, raking in
a total of nearly $60 million.
Though he may be better known now for his progressive
activism, the 82-year-old Soros first garnered fame for shorting the British
pound in a $10 billion bet that “broke the Bank of England.” Soros reaped $1
billion from that 1992 gamble and forced the Bank of England to desperately buy
1 billion pounds and raise interest rates by 2 percent as more speculators
followed Soros and bet against the pound….
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