Pacific

Gold

Michael Burry, an investor who became famous for predicting the 2008 financial crisis, has sold all his shares in the Sprott Physical Gold Trust ($PHYS), despite the trust’s 23% gain over the past six months, thanks to gold’s role as a safe investment against rising prices. 
Burry’s decision to exit from gold coincides with a sharp drop in cryptocurrencies, with <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">Bitcoin</a> falling to $57,200 and <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noreferrer noopener nofollow">Ethereum</a> dropping to $2,543 according to CoinMarketCap 
However, this shift away from gold may be connected to recent changes in inflation and the recent decline in the value of Gold. The latest US Consumer Price Index (CPI) report shows that inflation has slowed down significantly.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Burry shockingly sold out of all his Gold He is now heavily bullish on the consumer, strength of the dollar, China, and the US Job Market We think we have a good reason why he changed his mind on the US economy… 🧵 A thread worth reading below <a href="https://t.co/sryRQSmZYU" target="_blank">pic.twitter.com/sryRQSmZYU</a>— Michael Burry Stock Tracker ♟ (@burrytracker) <a href="https://twitter.com/burrytracker/status/1824143248941781384?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 15, 2024</a>
 </blockquote> 
 </div>
</figure> 
In July, prices rose by just 0.2% from the previous month, and the annual rate fell to 2.9%, the lowest since March 2021. This drop in inflation could mean that the Federal Reserve might lower interest rates soon, which could have influenced Burry’s decision to move away from gold. 
Instead of gold, Burry has increased his stake in Shift4 Payments ($FOUR), a company that handles payment processing for many businesses. This new investment makes up nearly 14% of his portfolio.&nbsp; 
Additionally, Burry has also invested in Hudson Pacific Properties ($HPP), a real estate company that has lost almost 50% of its value this year. This seems Burry is betting on a recovery in the commercial real estate market, following his pattern of investing in undervalued assets with potential for future growth. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/14/atlanta-fed-hints-at-possible-interest-rate-cut-soon/" target="_blank" rel="noreferrer noopener">Atlanta Fed Hints at Possible Interest Rate Cut Soon</a> 
</blockquote>

Michael Burry Sells as Gold US CPI Signals Possible Fed Rate Cut

The Crypto Times

Other articles published on Aug 15, 2024

Banana Gun Price Soars 28% In A Week After $8.6M Token Burn, But Experts Say This Might Be The Ne...

Bitrue’s New Launchpool is Giving 400,000 DOGS to the Community

Avalanche Poised for a Bounce Back, Analyst Sees Bullish Potential

134 Trillion SHIB in View as Shiba Inu Fights to Break Out

Render Tops Gaming Projects by Social Activity

Spot Bitcoin ETF adoption rockets as 44% of asset managers increase positions in Q2

Join our free newsletter for daily crypto updates!