In the third quarter, George Soros sold approximately 10% of his position in SPDR Gold Shares
The bubble won't last forever
The answer is not yet, for as he was selling the world's largest gold ETF with one hand, Soros was scooping up shares of the competing iShares Gold Trust
Paulson is firmly on board
John Paulson -- the man who made $3.7 billion personally in 2007 by betting against subprime mortgages -- has maintained a huge $4 billion position in the SPDR Gold Shares. The exchange-traded fund is also his largest reported position, at 18% of Paulson & Co.'s assets. Paulson reduced his position in major gold miner AngloGold Ashanti
A worrying trend
Another extremely shrewd investor who has joined the gold rush is Dan Loeb from Third Point LLC, who opened a position in the SPDR Gold Shares in the third quarter. Loeb is less well-known than Soros and Paulson, but he has a comparable track record (18.3% annualized return since December 1996). Loeb joins a coterie of prominent value investors who have placed bets on gold, including David Einhorn. Nevertheless, when even value-driven investors start buying a speculative asset with no intrinsic value, it's an unsettling trend, to say the least.
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