‘Big Short’ investor Michael Burry made a million-dollar bet on gold and won. Will the gold rush continue in 2026?

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Michael Burry’s moves tend to make headlines. The hedge fund manager famously bet against the U.S. housing market in 2008 and won big — a move depicted in the hit movie The Big Short.

And back in early 2024, his investments were making headlines again.

According to a filing with the Securities and Exchange Commission, Burry’s company Scion Asset Management made quite a few adjustments to its portfolio in Q1 of 2024 (1).

Among Burry’s notable moves were selling his stakes in Amazon and Alphabet and increasing his holdings of Chinese companies JD.com and Alibaba.

Burry also made a substantial bet on gold by purchasing 440,729 shares of Sprott Physical Gold Trust, valued at $7.6 million in Q1 2024, making it the fifth-largest position in his portfolio.

But did he sell too soon? Scion sold off all its holdings in Sprott just one quarter later, making a fairly modest profit of approximately $1 million on the shares, which were worth an average of $18.14 each at the time of sale (2).

However, if he had kept his position in Sprott through 2025, when share prices reached a peak of $42.07 (3), Scion might have made a whopping $18.5 million from the sale.

This shows that even expert investors can’t always time the market. But Burry’s bearish take on the yellow metal isn’t necessarily proof that the time to sell gold is at hand.

Here’s why gold could still be a buy-and-hold option for your portfolio, and how to invest wisely in this asset.

Gold has been on quite the journey over the past 12 months.

The metal’s record-breaking tear in 2025 crescendoed with its price topping $5,608.35 per ounce in late January 2026, before dipping to $4,660 in early February (4).

While this dip might worry some, Burry attributed it to the huge loss in crypto prices happening at the same time.

“It looks like up to $1 billion in precious metals were liquidated at month’s very end as a result of falling crypto prices,” he wrote in a Substack post, suggesting that investors were attempting to de-risk their portfolios by selling off gold and silver (5).

He might be right. The fact that gold prices are already creeping back up may point to larger gains to be had by the end of 2026 — if you’re willing to hold on.

Sometimes it’s best to hold on for longer, as former CEO of Berkshire Hathaway, Warren Buffett famously advises: “Our favorite holding period is forever. We are just the opposite of those who hurry to sell and book profits when companies perform well (6).”

The good thing is that there are plenty of options out there for potential gold investors to choose from.

In fact, the process can be quite daunting.

That’s why having an expert by your side to help you sift through the hundreds or thousands of options can be a game-changer….