Soros Reduces SPDR Gold Holdings, Invests in iShares
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George Soros, who’s described gold’s surge as the “ultimate asset bubble,” cut his holding in the SPDR Gold Trust in the third quarter, while investing in the iShares Gold Trust. Rival fund manager John Paulson kept his bet in shares of SPDR Gold, maintaining the largest stake.
Soros Fund Management LLC sold 547,689 SPDR Gold shares as of Sept. 30, according to a filing with the U.S. Securities and Exchange Commission yesterday. The disposal represented 10 percent of his holding, Bloomberg calculations show, and follows sales in the first two quarters. He acquired 5 million shares in the iShares Gold Trust valued at $64 million, the filing shows.