According to the Huffington Post, Billionaire 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 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. He also liquidated a 5 million share stake in the iShares Gold Trust, the filings showed. His total holdings in gold-backed ETFs was $774 million as of December.
Read more at:
http://www.huffingtonpost.com/2011/05/17/george-soros-gold_n_863083.html
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