Michael Burry Ditches Gold as US CPI Hints at Fed Rate Cut

Quick Summary:

Michael Burry who famously called the 2008 financial crisis has recently decided to sell his entire position in Sprott Physical Gold Trust ($PHYS).

Over the past six months, the trust recorded a 23% increase, and gold acted as a protective measure against inflation.

This decline in inflation could be viewed as the Federal Reserve contemplating a reduction in interest rates, which may have played a role in Burry’s thinking.

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Article Details

Author / Journalist: Kelvin Munene Murithi

Category: Crypto

Markets: India

Topics: US Inflation US CPI 24/7 Cryptocurrency News Michael Burry

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-15 @ 21:27:33 (17 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 593 words

Reading Time: 4 minutes read

Sentences: 37 lines

Sentence Length: 17 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 22089935

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