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« 'Strange Gold Trading When One Guy, John Paulson, Owns 21% Of The ETF' | Main | How To Waste A Trillion Dollars On Defense »
Tuesday
Dec042012

REPORT: Soros & Paulson Add To Massive Gold Positions

John Paulson's updated gold holdings of 66 tons exceed the official reserves of nations from Brazil to Bolivia.

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Soros and Paulson Buying Gold as Record Prices Seen by Strategists

Bloomberg

Gold’s 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever.

The metal will rise every quarter next year and average $1,925 an ounce in the final three months, or 12 percent more than now, according to the median of 16 analyst estimates compiled by Bloomberg.  Paulson & Co. has a $3.62 billion bet through the SPDR Gold Trust (GLD), the biggest gold-backed exchange- traded product, and Soros Fund Management increased its holdings by 49 percent in the third quarter.

Soros increased his investment in the trust to 1.32 million shares in the third quarter, the most since 2010, a Nov. 14 SEC filing showed.  The stake, with each share representing about a 10th of an ounce, is valued at $219 million.  Prices advanced 59 percent since January 2010, when Soros called gold the “ultimate asset bubble.”

Paulson, who became a billionaire in 2007 by wagering against the subprime mortgage market, owns 21.8 million shares in the SPDR Gold Trust, making him the biggest shareholder, a Nov. 15 SEC filing showed.  The 56-year-old raised his stake by 26 percent in the second quarter and his holding of about 66 tons exceeds the official reserves of nations from Brazil to Bulgaria to Bolivia.

Continue reading at Bloomberg...

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Outlook for gold price:

Middle Class Will Boost Gold Demand

Bloomberg speaks to Albert Cheng, managing director at the World Gold Council.

 

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Reader Comments (6)

So, what first attracted you to billionaire financier George Soros?

http://www.thesun.co.uk/sol/homepage/news/4483896/.html#ixzz2CkMqlz4j
Nov 20, 2012 at 2:48 AM | Registered CommenterDailyBail
You must mean they are "stealing gold" at record level.
Nov 20, 2012 at 5:13 AM | Unregistered CommenterSICKCOUNTRY
Since Soros has gone on about how he thinks gold is the next asset bubble wouldn't it make sense that perhaps he and Paulson would cause a huge depression in price just by dumping all that stuff on the market en masse to create a free fall in the gold market? Is this possible. Create an environment where the price spikes then sell bottom falls out then repurchase after everyone else has had their face ripped off?
Nov 20, 2012 at 12:23 PM | Unregistered CommenterSKINFLINT
Skin

I know what you are saying, but trading moves like that are almost impossible to pull off. So you sell your holdings and then what happens if the price doesn't drop. Now you have to pay higher prices to get back into a large position. Your scenario is not impossible, but it would be a big risk to take for a hedge fund.

Paulson owns a shit ton of gold. Much more than Soros. And don't much too much stock in Soros' past comments about the gold bubble. Any good investor has to be willing to change his mind if the facts bear it out, which is why Soros probably started buying gold. I'm not pushing gold purchases at these prices by the way. Yes, we could see $2000 by next Summer but we could also see $1500. It's not a trade I would make here.
Nov 20, 2012 at 12:38 PM | Unregistered CommenterDailyBail
DB. It just seems as if there is manipulation in every concievalble avenue in the markets.
Nov 20, 2012 at 5:21 PM | Unregistered CommenterSKINFLINT
Another way to get your gold!

Multi-million gold heist from boat in Caribbean - Telegraph

www.telegraph.co.uk/news/worldnews/centralamericaandthecaribbean/9715842/Multi-m.


4 days ago ... Armed men dressed as police boarded a fishing boat Friday in Curaçao and stole about 70 gold bars worth an estimated $11.5 million (£7.2

Multi-million gold heist from Curacao boat

www.usatoday.com/story/news/world/2012/11/30/curacao-gold-heist/1738409/


4 days ago ... WILLEMSTAD, Curacao (AP) — Masked men in jackets emblazoned with the word 'police' boarded a fishing boat Friday in Curacao and stole
Dec 5, 2012 at 5:20 PM | Unregistered CommenterBackgammon

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