GLD Falls 1.5% On Big Soros Sale
February 15, 2013
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.
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.
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.