Hedge Fund Managers Gold
Top Hedge Fund Managers Continue to Buy Gold
As we've already reported this year, several of the top hedge fund managers are continuing to buy gold. The latest SEC filings show that among other high-profile traders, Dan Loeb's Third Point LLC bought 115,000 shares of SPDR Gold Trust as well as Chris Shumway's fund.
At the same time, some of the early hedge fund gold pioneers were trimming their stakes. George Soros sold over half of one million shares of the gold ETF to finish the quarter with 4.7 million shares, while Eric Mindich reduced his Eton Park Capital's stake by 2 million shares to 4.6 million. John Paulson maintained a 31.5 million share holding of the ETF through the quarter.
Soros has said several times this year that gold is "the ultimate bubble."
"I called gold the ultimate bubble which means it may go higher," Soros explained in September at a Reuters Newsmaker event in New York. "But it's certainly not safe and it's not going to last forever."
Gold has risen sharply this year. The SPDR trust is up 23 percent so far in 2010. Spot gold hit a record of $1,424.10 last week, without adjusting for inflation. Gold would still almost have to double in price to reach its 1980 record after including inflation. Source
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