For Paulson, Gold has Lost Its Luster (GLD)
Tweet
Share
E-mail
Gold bull John Paulson might not be as sanguine on the metal as he once was.
According to his latest quarterly filing for Q213, Paulson'c Paulson & Co. more than halved its SPDR Gold Trust (NYSE: GLD) position. His stake went from 21.84 million shares of the ETF down to 10.24 million at the end of June 2013.
The move comes as gold has trickled lower in 2013, no longer being the go-to hedge for currency fluctuation and inflation. Much of the recent downside could be attributed to the potential for the Fed to start tapering its bond-buying program, which is currently at $85 billion per month. Doing so would add strength to the U.S. dollar, making gold contracts more expensive for outside investors.
Still, a 10-million-plus stake in the gold-tracking ETF is a large stake, indicating that there might be a little more upside following the beleaguered metals recent move lower. Shares of the ETF are slightly lower early Thursday.
According to his latest quarterly filing for Q213, Paulson'c Paulson & Co. more than halved its SPDR Gold Trust (NYSE: GLD) position. His stake went from 21.84 million shares of the ETF down to 10.24 million at the end of June 2013.
The move comes as gold has trickled lower in 2013, no longer being the go-to hedge for currency fluctuation and inflation. Much of the recent downside could be attributed to the potential for the Fed to start tapering its bond-buying program, which is currently at $85 billion per month. Doing so would add strength to the U.S. dollar, making gold contracts more expensive for outside investors.
Still, a 10-million-plus stake in the gold-tracking ETF is a large stake, indicating that there might be a little more upside following the beleaguered metals recent move lower. Shares of the ETF are slightly lower early Thursday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Activist Toms Is Said To Want Devon Energy To Shed Assets - Bloomberg
- Energy Fuels (UUUU) Premarket Strength Attributed to Thursday Post Close Form 4s
Create E-mail Alert Related Categories
13Fs, ETFs, Hedge Funds, Trader TalkRelated Entities
Paulson & Co. (PCI)Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
