Bloomberg
reports that billionaire investors George Soros and John Paulson increased
their stakes in the biggest exchange- traded fund backed by gold as prices
posted the largest quarterly drop since 2008.
Soros
Fund Management more than doubled its investment in the SPDR Gold Trust to
884,400 shares as of June 30, compared with three months earlier, a U.S.
Securities and Exchange Commission filing for second-quarter holdings showed
yesterday. Paulson & Co. increased its holdings by 26 percent to 21.8 million
shares.
Gold
slumped 4 percent in the second quarter, the biggest such loss since Sept. 30,
2008. Prices fell as European Central Bank President Mario Draghi and Federal
Reserve Chairman Ben S. Bernanke failed to increase stimulus measures, damping
the outlook for global growth and demand for the metal as a hedge against
inflation. The price is down 0.1 percent since June 30….
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