The SPDR Gold Shares (NYSEArca:GLD), the world's largest gold
bullion ETF, fell more than 1.5 percent today on news that George
Soros cut his position in the fund by a whopping 55 percent to
600,000 shares during the fourth quarter of 2012, according to a
quarterly regulatory filing.
Gold was last trading just above $1,607 after ending the session
yesterday at $1,634.75. It hit a low just below $1,600 early in
Friday's session. Viewing gold prices through the lens of the ETF,
GLD closed yesterday at $158.35, and was last trading at $155.41
after hitting a low of $154.57.
Soros Fund Management holdings of GLD have ranged from 42,800
shares in 2011 to as much as 6.2 million shares in 2009.
However, Soros, while certainly well regarded, isn't known for
being a steadfast gold bull. In September 2010, the billionaire
investor said the yellow metal was "the ultimate asset bubble"; at
the time, prices were trading at a mere $1,275.
A fellow billionaire, John Paulson, is known for having more
conviction in the gold bull market. His closely watched holdings of
the SPDR Gold Trust remained unchanged during the fourth quarter at
21.8 million shares.
Nevertheless, today's plunge in gold prices below $1,600 may have
little to do with either of these billionaire investors, which
Soros and Paulson detailed in so-called 13-F documents each filed
with the Securities and Exchange Commission on Thursday.
13F filings, required of institutional money managers who have
at least $100 million in qualified assets under management, must be
filed with the SEC 45 days after the end of each quarter.
Permalink | 'copy; Copyright 2009 IndexUniverse LLC. All rights
Don't forget to check IndexUniverse.com's ETF Data
2013 IndexUniverse LLC
. All Rights Reserved.