Thursday, May 16, 2013

Soros Joins Gold-Stake Cuts Before Bear Market Drop

When the going gets tough, the tough go……Bloomberg reports that billionaire investor George Soros joined Chicago’s Old Grey Lady Northern Trust. and BlackRock Inc. in cutting holdings of exchange-traded products backed by gold before a bear market in prices last month, while John Paulson maintained a stake that lost about $165 million in the first quarter.

Soros Fund Management LLC lowered its investment in the SPDR Gold Trust, the biggest such fund, by 12 percent to 530,900 shares as of March 31, compared with three months earlier, a Securities and Exchange Commission filing showed yesterday….

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