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Soros Sells Gold ETPs as Paulson Keeps Bet on Holding the Metal

Billionaire George Soros sold most of his physical gold holdings in the first quarter as bullion prices rallied toward a record, while hedge-fund manager John Paulson retained his stake in a bet the rally would continue.

Soros Fund Management LLC sold 99 percent of its holding in the bullion-backed SPDR Gold Trust, all 5 million shares in the iShares Gold Trust and cut stakes in NovaGold Resources Inc. and Kinross Gold Corp., a government filing yesterday showed. Paulson & Co. maintained 31.5 million shares in the SPDR Gold Trust, and boosted holdings of mining companies including Barrick Gold Corp. and Gold Fields Ltd., its filing showed.