Billionaires Soros, Bacon Cut Gold Holdings as Prices Slump
Billionaire investors George Soros and Louis Moore Bacon cut their stakes in exchange-traded products backed by gold last quarter as prices dropped the most in more than eight years. John Paulson maintained his holding.Mr. Soros had a dirty hedge of a trade in the Yen where he is reputed to have won $1 Billion by going long Japanese stocks. I'd have to believe he had some sort of swap or other play on the currency as well.
Soros Fund Management reduced its investment in the SPDR Gold Trust, the biggest fund backed by the metal, by 55 percent to 600,000 shares as of Dec. 31 from three months earlier, a U.S. Securities and Exchange Commission filing showed today. Bacon’s Moore Capital Management LP sold its entire stake in the SPDR fund and lowered holdings in the Sprott Physical Gold Trust. Paulson & Co., the largest investor in SPDR, kept its stake at 21.8 million shares....MORE