Smart Money Plays the Fool as Gold (GLD) Gets Taken Down a Notch
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Top hedge funds and investment banks left their holdings in SPDR Gold Shares (NYSE: GLD), the ETF that tracks the spot price of gold, mostly unchanged for the month ending March 31st. The price of GLD has dropped 7.64 percent since then, causing many to question if the people running these companies really are 'smart money' or just average managers with a lot of money to spend and egg on their faces.
The top holder of GLD is Paulson & Co. who has an 17.3 million units or ~$2.6B in the precious metal ETF. Other notable names owning GLD include Northern Trust Company (15.5M units), Bank of America (9.8M units), and of course JPMorgan (NYSE: JPM) (8.8M units) - a company notable for such smart money moves as losing $2B recently on trades involving ill-advised synthetic credit derivatives.
Of the companies listed, all but Paulson & Company added to their holdings of GLD in March.
But the smart money may yet have the last laugh, as many analysts are predicting a rebound in the precious metal, which could climb back from $1543 toward the $2000 level later this year, if estimates proof to be correct. Then again, that's a big if.
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The top holder of GLD is Paulson & Co. who has an 17.3 million units or ~$2.6B in the precious metal ETF. Other notable names owning GLD include Northern Trust Company (15.5M units), Bank of America (9.8M units), and of course JPMorgan (NYSE: JPM) (8.8M units) - a company notable for such smart money moves as losing $2B recently on trades involving ill-advised synthetic credit derivatives.
Of the companies listed, all but Paulson & Company added to their holdings of GLD in March.
But the smart money may yet have the last laugh, as many analysts are predicting a rebound in the precious metal, which could climb back from $1543 toward the $2000 level later this year, if estimates proof to be correct. Then again, that's a big if.
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JPMorgan, Bank of America, Paulson & Co. (PCI), Hedge FundsComments
Hedge Funds
Why no regulation of this group of
Worms?
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JP Morgan
Harry Urkowitz on May 16, 2012 03:36 PMMark as Spam | Reply to this comment
This group of thugs should do jail time. The stock is dropping way too
much.