Billionaires Soros, Paulson bet big on gold

Going against the opinions of some other portfolio managers, John Paulson and George Soros are making big bets on gold. Paulson & Co. upped its shares to 21.8 million, while Soros Fund Management increased its shares to 884,000. In 2010, Soros called gold “the ultimate bubble” during an interview. “It may be going higher but it’s certainly not safe and it’s not going to last forever.” Peter Sorrentino, senior portfolio manager at Huntington Funds, warned against consumers rushing to buy gold. “Historically, these moves span roughly a decade and while that last phase is typically the most explosive, the risk is getting out before it rolls over,” Sorrentino said.