Um, that article is from May 2011.Quote:
Did you sell almost all your gold holdings around this time? If not then you are NOT
"experiencing the same thing as Mr. Soros." Its not right to make up stories mr.Siriiuslywrong.
Now, he might have left some gains on the table, but this "marxist" (lol) was clearly more
Conservative in his investing than you. And with better results.
George Soros sells his gold
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
By Richard Evans6:34PM BST 19 May 2011
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 fell slightly following the announcement that Mr Soros had sold his holdings.
Not all investors share his view. Paulson & Co, the US hedge fund run by John Paulson, left its holding in the SPDR Gold Trust unchanged, filings to the SEC showed. And Hal Lehr, a commodity trader at Deutsche Bank, was quoted by Bloomberg as saying: "I'm bullish on gold despite its current levels. It could reach $2,000 an ounce in the next eight months."
While gold ETF holdings fell by 3.3pc in the first quarter of the year, there is evidence that some of the proceeds were used to buy gold bullion directly.
Gold's bull run has been driven by its traditional status as a trusted store of value in times of economic turbulence. In particular, investors have worried that the policy of "quantitative easing" adopted by many central banks is devaluing paper currencies.
The metal's enthusiasts point out that, while the authorities can print unlimited amounts of sterling or American dollars, the supply of gold is finite.
More recently, the sovereign debt crisis in the eurozone has supported the gold price. But investors worried that gold is indeed a bubble may prefer to follow Mr Soros's example and sell. Betting against him can be expensive, as the Bank of England would agree.