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First Posted: 05/17/11 01:03 PM ET Updated: 05/17/11 01:22 PM ET React Inspiring Greedy Typical Scary Outrageous Amazing Innovative Infuriating Read more Eton Park Capital Management , Gold Prices , Soros Gold , Etfs , George Soros , Gold Bubble , Precious Metals , Silver Price , Business News share this story 298894331,249Get Business Alerts Sign Up Submit this storydigg reddit stumble NEW YORK/BOSTON (By Frank Tang and Aaron Pressman) - Billionaire financier George Soros, who called gold "the ultimate bubble," dumped almost his entire $800 million stake in bullion in the first quarter, well before a commodities slump blamed partly on reports he was liquidating his holdings. Famed gold bull John Paulson held his ground, but Soros was joined in the retreat by several other big names, including Eric Mindich and Paul Touradji, according to 13-F filings with the U.S. Securities and Exchange Commission that provide the best insight into where hedge funds are placing their bets. Soros, who has been bullish on gold in the past several years, cut his holdings in the SPDR Gold Trust (GLD. P: Quote, Profile, Research, Stock Buzz) to just $6.9 million by the end of first quarter, compared with $655 million in December, becoming the most high-profile investors to turn his back on one of the market's best-performing assets. He also liquidated a 5 million share stake in the iShares Gold Trust (IAU. P: Quote, Profile, Research, Stock Buzz), the filings showed. His total holdings in gold-backed ETFs was $774 million as of December. Gold rose for a tenth consecutive quarter in the three months to March, hitting record highs above $1,400 an ounce, buoyed by political turmoil in the Middle East and North Africa and lingering worries about indebted European countries. The gains accelerated in April, but peaked at the start of this month, reaching a record $1,575 an ounce on May 2. Prices have since fallen more than 5 percent amid the biggest commodities slump since late 2008, a move partly triggered by a Wall Street Journal report that Soros' $28 billion fund was selling precious metals -- and felling fears other big funds were also seeing a peak. Story continues below AdvertisementAdvertisementAdvertisement Eric Mindich, who runs the Eton Park Capital Management, nearly halved his stake in the SPDR gold trust to $326 million for the first quarter, a filing showed on Monday. Mindich's fund also owned $839 million worth of call options by the end of first quarter, compared with $1.1 billion worth of put options at the end of the fourth quarter. Touradji Capital Management, one of the world's largest commodities-oriented hedge funds run by Paul Touradji sold 173,000 shares in the SPDR Gold Trust during the quarter. Those shares would be worth about $25 million at current prices. But John Paulson, who notched the industry's biggest ever payout last year, kept his 31.5 million share or $4.4 billion stake in the SPDR fund, remaining the biggest shareholder of the world's largest gold-backed exchange traded fund for the quarter, according to regulatory filings. DEFLATION THREAT RECEDES The sales make sense given that Soros said he had bought gold because he was worried about deflation, said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Pittsburgh. "It's pretty hard to make the case for deflation right now so if that was a reason you were buying gold, you should take this signal from Soros," he said. Inflation is now the greater concern, Luschini said. So most investors should still keep about 3 percent to 5 percent of their assets in gold to protect against inflation and possible further problems in the world financial system. Soros also slashed stakes in gold and silver mining companies during the first quarter. The firm owned 1.4 million shares of Kinross Gold (K.TO: Quote, Profile, Research, Stock Buzz) at the end of the quarter, down from 4 million shares three months earlier. Holdings in Novagold Resources (NG.TO: Quote, Profile, Research, Stock Buzz) dropped to 3.5 million shares from 12.9 million. Gold ended the first quarter little changed, as the spot gold prices were only $10 higher to end at $1,430 an ounce on March 31, and the SPDR Gold Trust was up 1.3 percent. In the second quarter, gold hit a record high $1,575.79 an ounce on May 2 fueled by the outlook of low U.S. interest rates. So far in the second quarter, SPDR Gold Trust's bullion holdings gained only about 1 percent to 1,229 tonnes as of Friday, well below its record high at 1,320.436 tonnes set on June 29 last year. Institutional investment managers are required to file form 13-F with the SEC within 45 days after the end of each quarter. (Reporting by Frank Tang, editing by Andre Grenon)
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Cijena zlata u utorak je zabilježila pad nakon što je nekoliko velikih 'hedge' fondova, uključujući i jedan koji kontrolira milijarder George Soros, otkrilo da su prodali većinu svojih zaliha tog dragocjenog metala, izvijestio je u srijedu The Wall Street Journal Terminska cijena zlata za isporuke u svibnju pala je 10,60 dolara ili 0,7 posto, na 1.479,80 dolara za uncu na Comex odjelu robne burze u New Yorku. Najaktivnije se trgovalo terminskim ugovorom za zlato za isporuku u lipnju, čija je cijena također pala za 10,60 dolara, na 1.480 dolara za uncu. Soros Fund Management objavio je u ponedjeljak navečer da je u prvom tromjesečju ove godine prodao 99 posto svog udjela ili 4,7 milijuna dionica u fondu Gold Trust (GLD). Prodane dionice vrijedile su 680 milijuna dolara na temelju cijene od ponedjeljka. Od 31. ožujka, Soros drži svega 49.400 dionica fonda u vrijednosti od 6,9 milijuna dolara, koje imaju podlogu u zlatu. Vijest je potkopala povjerenja među investitorima , jer je Soros predvodio potražnju za zlatom u protekle dvije godine, agresivno kupujući taj plemeniti metal, čak i nakon što ga je nazivao 'krajnjim imovinskim balonom'. 'Pretpostavljam da sjedi na divovskoj planini dobiti a u tom položaju bila bi razumna stvar uknjižiti nešto do toga', rekao je Matt Zeman , voditelj trgovanja u brokerskoj tvrtki Kingsview Financial. 'Budući da on odlazi, vidjet ćete puno malih špekulanata kako skaču s broda ', dodao je. Drugi fond čije poteze tržište pomno prati, Eton Park Capital Management LP, prepolovio je svoj udio u Gold Trust fondu, prodavši od 31. ožujka gotovo 2,2 milijuna dionica, a zadržavši 2,3 milijuna dionica. Eton Park, koji vodi bivši trgovac Goldman Sachsa Eric Mindich, prvi je otkrio svoju zlatnu poziciju u drugom tromjesečju 2010., kupnjom 6,6 milijuna dionica GLD-a. Međutim, nisu svi najveći hedge fondovi odustali od zlata. John Paulsonov fond Paulson & Co , jedan od najvećih svjetskih hedge fondova, i najveći investitor u Gold Trust s gotovo 8 posto dionica, zadržao je svoj udio nepromijenjen na 31,5 milijuna dionica. Paulson se proslavio tijekom financijske krize kladeći se protiv drugorazrednih hipotekarnih kredita. Paulson je prije dva tjedna procijenio da bi cijene zlata mogle doseći 4.000 dolara za uncu tijekom sljedećih tri do pet godina, zbog labave monetarne politike u SAD-u i Velikoj Britaniji, izvijestio je Wall Street Journal. Analitičari Standard banke u utorak su ponovili stajalište da zlato vrijedi kupovati po cijenama ispod 1.500 dolara, napominjući da razina od 1,480 dolara ima snažnu potporu. - Sviđa vam se članak? Preporučite ga prijateljima putem ovih servisa: Pošaljite mailom