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George Soros Dumps Nearly $800 MILLION in Gold

Via Huffington Post:

Billionaire financier George Soros, who called gold “the ultimate bubble,” dumped almost his entire $800 million stake in bullion in the first quarter, well before a commodities slump blamed partly on reports he was liquidating his holdings.

Famed gold bull John Paulson held his ground, but Soros was joined in the retreat by several other big names, including Eric Mindich and Paul Touradji, according to 13-F filings with the U.S. Securities and Exchange Commission that provide the best insight into where hedge funds are placing their bets.

Soros, who has been bullish on gold in the past several years, cut his holdings in the SPDR Gold Trust (GLD.P: Quote, Profile, Research, Stock Buzz) to just $6.9 million by the end of first quarter, compared with $655 million in December, becoming the most high-profile investors to turn his back on one of the market’s best-performing assets.

http://www.huffingtonpost.com/2011/05/17/george-soros-gold_n_863083.html

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Soros or Beck?  – Beck or Soros? – Soros or Beck?

Jeez, that’s a tough one; but gotta go with Soros.

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May 18, 2011 - Posted by | Uncategorized | , , , , ,

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