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Soros Takes Massive Stake in Gold

November 20, 2012 | About:

According to U.S. Securities and Exchange Commission (SEC) filings, Soros Fund Management LLC increased its gold holdings by 49 percent in the third quarter.

Soros primarily invested in the SPDR Gold Trust (ETF) (GLD) and he increased his investment in the trust to 1.32 million shares in the third quarter. Soros now holds more shares of GLD than he has at any time since 2010. His current position is valued at $219 million.

In January 2010 Soros called gold the “ultimate asset bubble.” Many financial journalists misinterpreted his statement to mean that gold was set to pop like other asset bubbles. Instead, gold has advanced almost 60% since that time.

If one were to dig deeper into Soros' words he actually clarified his position when he said, “Gold is the only actual bull market currently. It just made a new high yesterday. In the present circumstances that may continue. I called gold the ultimate bubble, which means it may go higher. But it’s certainly not safe and it’s not going to last forever.”

It is unknown how much physical bullion Soros has purchased over the years. One would expect that he has augmented his position since he is a fan of GLD.

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