|
The
fund, which returned to the world's biggest gold exchange-traded
fund SPDR Gold Trust <GLD.P> in the first quarter of 2016 after
a three-year absence, sharply cut his stake in the second
quarter.
Billionaire financier George Soros' fund reduced its holdings in
SPDR Gold Trust to 240,000 shares worth $30.4 million, from 1.05
million shares worth $123.5 million in the first quarter.
Soros also drastically cut its stake in Barrick Gold Corp <ABX.TO>
to 1.07 million shares worth $22.9 million, from 19.4 million
shares in the first three months of 2016, the filing showed.
"Investors have been more proactive cutting holdings in the
miners, some of whom have drastically outperformed the
underlying in the first half of the year," said Tai Wong,
director of base and precious metals trading for BMO Capital
Markets in New York.
"It may not suggest that they are necessarily bearish gold but
rather taking opportune profit."
The move came as spot gold prices <XAU=> rose 7 percent in the
second quarter, following a 16 percent surge in the first
quarter, the strongest in nearly three decades as expectations
for a U.S. interest rate hike faded.
Prices rallied in June, when the United Kingdom voted to leave
the European Union.
New York-based Paulson & Co, led by John Paulson, kept its stake
in SPDR Gold Trust unchanged in the second quarter at 4.78
million shares worth $603.9 million. They were worth nearly $562
million in the first quarter, a May 13F filing showed.
Paulson held stakes unchanged in IAMGOLD Corp <IMG.TO> and
RandGold Resources <RRS.L>, and cut them in AngloGold Ashanti <ANGJ.J>
and NovaGold Resources Inc <NG.TO>, the filings showed.
(Reporting by Marcy Nicholson; Editing by Tom Brown, Bernard
Orr)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
