The legendary investor doubled his negative bet against the S&P 500 to more than $430 million, according to regulatory filings made public this week.

Soros, known as the “man who broke the Bank of England,” is instead investing in gold. He plunked down $387 million to amass new positions in a gold ETF and also bought shares of Barrick Gold (ABX), the world’s largest gold miner in the first quarter. Gold tends to do well when people are afraid.

Those three bets are now among the largest in Soros’ hedge fund and reflects how downbeat he is on U.S. markets. Earlier this year Soros sounded the alarm on global financial markets by saying the situation in China reminds him of the 2008 crisis.

“It’s been a while since he’s been this bearish,” said Raul Moreno, CEO and co-founder of iBillionaire, an app that tracks the portfolios of influential investors. “Soros has made money in markets going up or down so people definitely trust what he’s saying.”

Soros has built a fortune on these bets. Forbes estimates he’s worth $25 billion. Soros is best known for betting $10 billion in 1992 against the British pound — a trade that made him $1 billion in a single day.