[miningmx.com] – JOHN Paulson and George Soros, billionaire
investors, lifted their stakes in the SPDR Gold Trust during the three months ended-
June even though the yellow metal recorded its largest quaterly price drop since
2008.
Citing second quarter filings with the US Securities and Exchange Commission,
Bloomberg News reported that Soros Fund Management more than doubled its
investment in the exchange traded fund to 884,000 shares as of June 30, while
Paulson & Co increased its holdings by 26% to 21.8 million shares.
Gold fell 4% in the second quarter, the largest loss since September 30, 2008. A
decision not to impose stimulus measures by the European Central Bank and the US
Federal Reserve are cited as reasons for the metal’s decline. A damping in outlook
for global growth was also a contributing factor.
“It’s all about easing, and people are especially waiting for the Fed since investors
expect prices will rise, if the central bank announces more bond purchases,’ Walter
“Bucky’ Hellwig, who helps manage $17bn of assets at BB&T Wealth Management,
told Bloomberg News. “People are willing to hold on to gold to see what the Fed will
say,’ he said.
Paulson lost 23% in his Gold Fund in July as lower bullion prices and slumping
mining stocks contributed to declines.
