Posted on 05/20/2011 7:39:18 PM PDT by Clive
George Soros, the hedge fund investor who called gold "the ultimate bubble", has sold almost his entire holding of the precious metal, leading to fears that the price is about to fall. George Soros sold most of his gold ETF holdings but bought shares in two mining companies Photo: Bloomberg News.
The investor, famous for his £10bn bet against the Bank of England in 1992, made his "ultimate bubble" remark in January last year but acted to cut his holding only in the first quarter of this year.
Holding on has proved hugely profitable – in January 2010 gold was trading at about $1,100 an ounce, whereas the lowest price during the first three months of 2011 was more than $1,300. The highest was about $1,450.
It is not known exactly when Mr Soros sold his gold, which was held via the Soros Fund Management investment vehicle. Filings to the Securities and Exchange Commission (SEC), the American regulator, showed that he had sold 99pc of his holding in SPDR Gold Trust, an exchange-traded fund (ETF) backed by gold bullion, by the end of March.
The New York-based fund sold its entire holding in iShares Gold Trust, a similar investment. But Mr Soros bought shares in two mining companies, Freeport-McMoRan Copper & Gold and Goldcorp.
This may have been a smart move. "As the precious metals rally ends, you'll get transition toward related equities," James Dailey of Pennsylvania-based Team Financial Asset Management, told Bloomberg. "You don't see any speculative appetite for gold stocks yet." 'The gold price may soon suffer vertigo' 21 Apr 2011 Gold price hits new record above $1,500 an ounce 20 Apr 2011
The gold price fell slightly following the announcement that Mr Soros had sold his holdings.
(Excerpt) Read more at telegraph.co.uk ...
up to january, we were being told he wasn’t buying... then we found out otherwise.
now he’s selling? lol
how about he sell his gold, i’ll hang onto it.. and thanks for stopping by
As long as Governments are printing, I am not selling.
You think Obama told him no QE3?
We were also told that he sold his Petrobras holdings but last week we find that his Petrobras holdings are doing quite well.
He probably needs the cash to buy more “journalists” and “reporters” and to also start more commie lib websites for the upcoming 2012 “election”.
What currency did he get for his gold?
the gold etf are paper gold. He simply switched from paper to real gold companies
the gold etf are paper gold. He simply switched from paper to real gold companies
Buying Silver no doubt.
Oh, No! He’s selling his ETFs!
The fool probably just realized like a million others that ETFs are not physical and he wants to get his hands on the real thing.
Regardless, I guarantee he has a nice stash of physical somewhere. All the socialist elite do. Especially the banksters who control our fiat money.
And here, ladies and gentlemen, we see yet another example of the modern media’s use of headlines that totally contradict what is actually communicated in an article.
Soros did NOT sell any gold, as stated in the article itself. He actually BOUGHT companies whose profit margin is inexorably tied to the price of gold.
As has been explained, the ETF fund GLD is NOT gold. People who buy shares of this exchange-traded-fund do not get physical possession of real gold. Instead, the fund was created as a pseudo-hedge fund, an investor’s fiction, supposedly tied to the price of gold in some fashion but able to be traded just like any other fund.
Soros just sold something that doesn’t even rise to the level of a silver-certificate dollar, and has some of his cronies in the press (or idiots who shouldn’t be allowed near a typewriter, as the case may be) decided to trumpet to the heavens that the gold bubble has burst.
Double-think and Newspeak at work, folks.
Now why let facts get in the way of a good story ? lol
Ahh...whatever the case may be, it has been reported elsewhere that Soros is selling gold. But, his buddy and sometime partner, the liberal hedge fund owner, John Paulson, is selling gold.
Any commodity...gold, oil, pork bellies...needs a buyer and seller. And therein lies the opportunity for manipulation.
Sorry, Paulson is BUYING gold.
Sorry, Paulson is BUYING gold.
How many gold fillings from dead Jews did he have?
Or did he still have the gold he stole from Jews before they were gassed?
This guy should have a Clusterbomb dropped on his lap.
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