When George Soros makes money again (or can have some), the rich will get richer
Hungarian-American investor and philanthropist George Soros recently reportedly bet $1 billion on the foreign exchange market that the Reserve Bank of Australia will cut interest rates. The massive bet reportedly netted investors a handsome profit of $60 million.
Insider information?
The billionaire, known for his political activism and financial generosity, having donated more than $8 billion to human rights, public health and education, made three bets with Asian FX brokers totaling $1 billion, with payouts of approx. $1 billion. $18.65 million after transaction costs. Such a huge stake does raise the question: What might Soros know that the rest of us don't, and where might we find it? This is truly the $60 million question.
The Reserve Bank of Australia's recent statement is not the first time Soros has used foreign exchange policy to make a killing. He also made nearly $2 billion in 1992. The earnings came from the exchange rate between the pound and the German mark on Black Wednesday, when he earned the title "The Man Who Broke the Bank of England."
Most of us probably shouldn't have seen Soros' success and everyone started betting on the Forex market hoping for the same success. First of all, none of us have a billion dollars to spare; more importantly, the 82-year-old Soros receives more up-to-date financial analysis than the average person from the Financial Times. Lots of insights, that's for sure.
Bet on it
For those who want to take the plunge and try to follow in the footsteps of Soros (albeit to a much lesser extent), currency exchange bets can be placed monthly through sites such as Sportingbet, which offer the opportunity to place bets based on announcements from the Reserve Bank of Australia .
This allows you to place small bets, giving you insight into the market without taking on significant risk. Keep in mind that even financial experts who are surrounded by global Forex market statistics on a daily basis find it difficult to accurately predict how the market will move due to the multitude of influencing factors.
Have you ever tried to figure out the best exchange rate for your money before heading out to sunny pastures, only to find you're out of money? For those of us who don't have the same information as Soros, this is a very similar dark endeavor.
Enter at your own risk.
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Source: www.casino.org
