Gold Breaks Down; John Paulson Clings to Holdings, George Soros & Others Pull Out (GLD)
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Hedge Fund Paulson & Co., run by John Paulson, maintained its 21.8 million share stake in SPDR Gold Shares ETF (NYSE: GLD). Others including George Soros trimmed their positions in GLD, as lackluster performance weighed on sentiment.
According to filings, Soros cut his GLD holdings by 55 percent to 600,000 shares. Others investors have joined the gold pity-party, including Moore Capital, which cut its holdings to zero.
This morning the spot price of gold tapped fresh lows, breaking support at $1625 per ounce. $1625 per ounce was an intra-day lower touched in early January. Gold has not closed below $1630 per ounce since August, 2012. Sentiment is clearly negative and appears to be deteriorating, say traders.
Positive economic data, including today's Empire Manufacturing Index - which came in at +10 versus an expected -2 - and lower Jobless claims - reported Thursday - are contributing to pressure on the precious metal. Traders feel the Fed will be quicker to pull the reigns on QE if the economy truly improves.
SPDR Gold Shares (NYSE: GLD) is lower by more than 1 percent early on Friday. Spot gold trades at $1616 per ounce. iShares Gold Trust ETF (NYSE: IAU) and iShares Silver Trust ETF (NYSE: SLV) are also trading lower.
According to filings, Soros cut his GLD holdings by 55 percent to 600,000 shares. Others investors have joined the gold pity-party, including Moore Capital, which cut its holdings to zero.
This morning the spot price of gold tapped fresh lows, breaking support at $1625 per ounce. $1625 per ounce was an intra-day lower touched in early January. Gold has not closed below $1630 per ounce since August, 2012. Sentiment is clearly negative and appears to be deteriorating, say traders.
Positive economic data, including today's Empire Manufacturing Index - which came in at +10 versus an expected -2 - and lower Jobless claims - reported Thursday - are contributing to pressure on the precious metal. Traders feel the Fed will be quicker to pull the reigns on QE if the economy truly improves.
SPDR Gold Shares (NYSE: GLD) is lower by more than 1 percent early on Friday. Spot gold trades at $1616 per ounce. iShares Gold Trust ETF (NYSE: IAU) and iShares Silver Trust ETF (NYSE: SLV) are also trading lower.
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