Soros, Others Dump Gold as Metal No Longer 'Safe Haven'
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Gold is containing lower Thursday as little data has presented itself to alter investor sentiment.
One noted investor getting out with the crowd was George Soros. According to his latest 13F filing, Soros trimmed his holding in the SPDR Gold Trust (NYSE: GLD) by 12 percent to 530,900 shares through the first-quarter of 2013. That comes on top of a 55 percent reduction in Q412.
Soros recently noted that gold stopped being a safe haven when the metal fell as the euro was on the verge of collapse.
Along with Soros, Northern Trust (Nasdaq: NTRS) and BlackRock (NYSE: BLK) cut positions by more than half during the quarter. Northern Trust is down 57 percent to 6.9 million shares while BlackRock was down 50 percent to 4.1 million shares.
Not cutting his stake was John Paulson, of Paulson & Co. At the end of the latest quarter, Paulson held 21.8 million shares of the SPDR Gold Trust.
After hitting all-time highs in 2011, gold prices have cut over $42 billion from the value of ETPs, according to Bloomberg-compiled data. Futures are down about 17 percent in 2013 alone.
Some investors firm that the Fed will end easing practices might find gold at an attractive entry point; gold contracts are dollar-denominated and the currency devalues as the Fed continues open-market activity.
Lower today are the SPDR Gold Trust and iShares Gold Trust (NYSE: IAU).
One noted investor getting out with the crowd was George Soros. According to his latest 13F filing, Soros trimmed his holding in the SPDR Gold Trust (NYSE: GLD) by 12 percent to 530,900 shares through the first-quarter of 2013. That comes on top of a 55 percent reduction in Q412.
Soros recently noted that gold stopped being a safe haven when the metal fell as the euro was on the verge of collapse.
Along with Soros, Northern Trust (Nasdaq: NTRS) and BlackRock (NYSE: BLK) cut positions by more than half during the quarter. Northern Trust is down 57 percent to 6.9 million shares while BlackRock was down 50 percent to 4.1 million shares.
Not cutting his stake was John Paulson, of Paulson & Co. At the end of the latest quarter, Paulson held 21.8 million shares of the SPDR Gold Trust.
After hitting all-time highs in 2011, gold prices have cut over $42 billion from the value of ETPs, according to Bloomberg-compiled data. Futures are down about 17 percent in 2013 alone.
Some investors firm that the Fed will end easing practices might find gold at an attractive entry point; gold contracts are dollar-denominated and the currency devalues as the Fed continues open-market activity.
Lower today are the SPDR Gold Trust and iShares Gold Trust (NYSE: IAU).
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