If you think big money managers and celebrity investing gurus are the only ones who stand to profit off a gold rally, guess again. Following a brief correction earlier in the month, gold looks to be on an upward trajectory once again -- and retail investors may be playing a significant role in fueling its rise.

Individuals looking to take shelter from the declining dollar and cash in on yellow fever have swarmed to physical gold-backed ETFs. In fact, they comprise somewhere between 60%-70% of SPDR Gold Trust, the biggest gold ETF, second in size only to the SPDR S&P 500.

And iShares Gold Trust, the next largest gold ETF, arguably caters to the self-directed retail category with its 10-1 share split. According to Jason Toussaint, Managing Director for the World Gold Council, "the size is a disadvantage for high-net worth and institutional clients."

But with gold ETFs heavily weighted with individual investors, there's fear that a sudden price drop could spell trouble for the sector at large. Retail investors have a tendency to react emotionally -- and violently -- to unexpected news or market moves. Which could translate into an abrupt and dramatic flight from the gold ETFs they initially flocked to.

So if individuals are partially responsible for blowing up the gold bubble, will it pop if they flee these funds? Only time will tell, but it's definitely worth keeping this story on your radar.

But the more important question we want answered is, what are the big money managers doing with gold stocks? Do these managers think gold is a bubble, and which companies are they selling? (Click here to access free, interactive tools to analyze these ideas.)

These mega investors are in charge of millions upon millions in investments--so it's safe to assume they're going to do their homework before they put their clients' money on the line. Here's a list of seven gold stocks being sold by the smart money ...


Shares Held by Inst. Investors at Present

Shares Held by Inst. Investors 3 Months Ago

% Change in Inst. Ownership

Richmont Mines (NYSE: RIC)




Harmony Gold Mining Co.  (NYSE: HMY)




Allied Nevada Gold (NYSE: ANV)




Randgold Resources (Nasdaq: GOLD)




Golden Star Resources (NYSE: GSS)




Barrick Gold (NYSE: ABX)




Compania de Minas Buenaventura (NYSE: BVN)




Interactive Chart: Press Play to see how the market caps have changed for all stocks mentioned above.

Kapitall's Eben Esterhuizen and Alicia Sellitti do not own shares of any companies mentioned.

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