Druckenmiller Reveals Largest Currency Allocation

Stanley Druckenmiller, who averaged more than 30% gains at Duquesne Capital for more than 20 years, just released his largest currency allocation.

Surprise, surprise, it's gold.

There's 4 reasons gold is set to skyrocket —> Find out more here. https://t.co/Dtc4D1DGHy pic.twitter.com/O3WAjLVv8m

— The Capitalist (@Capitalist_Site) May 5, 2016

The bull market has exhausted itself after eight years of a “radical monetary experiment.,” he said. “They stumble from one short-term fiscal or monetary stimulus to the next despite overwhelming evidence that they only produce a sugar high and grow unproductive debt that impedes long-term growth. Moreover, the continued decline of global growth despite unprecedented stimulus the past decade suggest we have borrowed so much from our future and for so long that the chickens are now coming home to roost.”
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Druckenmiller, when asked for an investment recommendation, didn't give an explicit investment but said this:

“Let me throw this one at you,” he said. “My hint is what is the one asset you did not want to own when I started Duquesne in 1981? It’s traded for 5,000 years and for the first time has a positive carry in many parts of the globe as bankers are now experimenting with the absurd notion of negative interest rates. Some regard it was a metal. We regard it was a currency, and it remains our largest currency allocation.”

It's clear Druckenmiller is bearish on the broad market and now holds more then 2.75 million shares in GLD the gold ETF.