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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