Saturday, February 16, 2013

Soros dumps gold as prices sink

Billionaire investor George Soros is increasingly bearish on gold.

Soros cut his investment in the SPDR Gold Trust (GLD) in half during the fourth quarter, according to a regulatory filing according to a money.cnn report.

The $8.5 billion Soros Fund Management now owns 600,000 shares of the gold ETF, worth an estimated $97 million. That's down from 1.3 million shares, worth more than $227 million, in the third quarter. The ETF is one of the most widely held gold-backed ETFs.

Soros also sold his stake in gold miner Kinross Gold Corp. (KGC), which was worth about $18 million, but held onto 1.7 million shares of Freeport-McMoran (FCX, Fortune 500), worth about $46 million...

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