After a glitch that delayed their release, a flood of 13F filings, which tell us what hedge funds were holding at the end of the last quarter, poured in Wednesday afternoon.
John Paulson was an early highlight, with his fund cutting more than half of its position in the SPDR Gold Trust GLD 0.51% . This after the billionaire manager stood by his gold-backed exchanged-traded fund for several quarters.
His exit coincided with unprecedented gold ETF outflows in the second quarter. Net outflows reached $18.5 billion in the period between end of March through June, marking the biggest quarterly sell-off since the first gold ETF was launched in 2003.
Paulson also offed holdings in Barrick Gold ABX and held tight to holdings in Agnico Eagle Mines AEM , Allied Nevada Gold ANV and Iamgold IAG . Paulson added to its stake in Freeport-McMoRan Copper & Gold FCX.
Elsewhere, George Soros also took part in the massive gold ETF exodus, dumping nearly 531,000 shares of the SPDR Gold Trust while more than doubling his relatively small Apple AAPL position.
Billionaire John Paulson, the biggest investor in the SPDR Gold Trust, reduced his holdings by 53 percent as the metal plunged into a bear market. George Soros sold his entire position.
Paulson & Co. reduced its stake to 10.2 million shares in the three months ended June 30 from 21.8 million at the end of the first quarter, and Soros Fund Management LLC sold its 530,900 shares, Securities and Exchange Commission filings showed Wednesday. The SPDR fund is the world’s largest exchange-traded product backed by gold.
Gold futures plunged by a record 23 percent in the second quarter, spurring a loss of $44.7 billion in the global value of ETPs. After prices rallied for 12 straight years, some investors lost faith in the metal as a store of value after U.S. equities rallied in the first half 2013 and inflation remained below the Federal Reserve’s target. The central bank probably will reduce monetary stimulus next month after gains in the economy, according to 65 percent of economists surveyed by Bloomberg.
“We saw the Armageddon premium come off sharply in the second quarter, and people prefer stocks as the economic conditions started showing signs of improvement,” said James Paulsen, the Minneapolis-based chief investment strategist at Wells Capital Management, which oversees about $340 billion in assets. “There is increasing acceptance that the Fed may announce its plans to taper sometime this year.”
On the Comex in New York Wednesday, gold futures rose 1 percent to settle at $1,333.40 an ounce. This year, the price has dropped 20 percent, heading for the first annual decline since 2000. Assets in the SPDR fund have dropped 32 percent in 2013 to the lowest since February 2009.
Gold entered a bear market on April 12, falling more than 20 percent from the record settlement of $1,891.90 in August 2011.
The hedge funds owned by Paulson and Soros are based in New York.
Paulson & Co. said Wednesday in an e-mail that the “share reduction was due to a reduced need for hedging.”
Money managers who oversee more than $100 million in equities must file a Form 13F with the SEC within 45 days of each quarter’s end to show their U.S.-listed stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.
Paulson added to its stake in Freeport-McMoRan Copper & Gold FCX.
And I'm glad he did. :-)
But FCX is only peripherally a gold play. Its mining income is 85% copper. It has also added some oil and gas lately, much to the disgust of many of its shareholders who held it purely because it was one of the few pure-play copper stocks out there.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
This is what they do, they exchange paper for physical and once the physical is taken delivery of it can be moved anywhere in the world. With no record of it's movements. Only paper assets are fully traceable, gold is the ultimate cash in that respect.
Quote:
Paul Craig Roberts, former Assistant Secretary of the US Treasury and former associate editor of the Wall Street Journal, writing at the lewrockwell.com unearths what George Soros’ real position is.
You know that gold bear market that the financial press keeps touting? The one George Soros keeps proclaiming? Well, it is not there. The gold bear market is disinformation that is helping elites acquire the gold
This is what they do, they exchange paper for physical and once the physical is taken delivery of it can be moved anywhere in the world. With no record of it's movements. Only paper assets are fully traceable, gold is the ultimate cash in that respect.
It can be moved anywhere in the world without a trace?
Rubbish - try moving a decent quantity across borders without declaring it. Try selling it to a bullion dealer without providing any personal identification or documentation.
You're dreaming.
Any expressed market opinion is my own and is not to be taken as financial advice
Ha. You have never been to the caymans obviously. Or the thousands of privately owned islands across the globe. Big money moves gold at a whim. Not every country is like US and AUS you know
Billionaire John Paulson, the biggest investor in the SPDR Gold Trust, reduced his holdings by 53 percent as the metal plunged into a bear market. George Soros sold his entire position.
im sorry but there's just no way to put a positive spin on that. Find something else to hedge your AUD.
apparently the real reason Soros and Paulson have dumped gold is because Dubai was running out of stock in their cafeterias
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
Ha. You have never been to the caymans obviously. Or the thousands of privately owned islands across the globe. Big money moves gold at a whim. Not every country is like US and AUS you know
HA HA HA.....You've never heard of customs and airport security obviously a couple of questions 1) How do you get the gold to the Caymans - Transporter beam? 2) What do I do with it (gold) on a private Island - Eat it?
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
no need for expensive transporter beams Frank - it's all done by submarines now
Yeah, as if the goldbuggerers on here have one They'll be turning up at an airport here, going through the scanners, landing in a US airport, going through the scanners, rinse and repeat until they get to the Caymans. Look at me, I have a gold coin and some fillings. Yippee
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy
