Soros, PIMCO, Paulson, Texas Teacher Retirement Fund Buy Gold in Q1
Prudent money with an understanding of gold's long term diversification benefits continues to accumulate gold as seen in the latest SEC filings.
Billionaire investor George Soros significantly increased his shares in the SPDR Gold Trust in the first quarter. Soros Fund Management nearly quadrupled its investment in the largest exchange-traded gold fund (GLD) to 319,550 shares - compared with 85,450 shares at the end of the fourth quarter.
John Paulson maintained his large stake, the ETF’s largest stake and other large and respected institutional buyers were PIMCO and the Teacher Retirement System of Texas.
Paulson, 56, who became a billionaire in 2007 by betting against the U.S. subprime mortgage market, told clients in February that gold is a good long term investment, serving as protection against currency debasement, rising inflation and a possible breakup of the euro.
Eric Mindich’s Eton Park Capital also bought 739,117 shares in the SPDR Gold Trust during the first quarter. The New York-based fund held no shares of the exchange-traded product as of December 31.
Overall holdings in the SPDR Trust rose just over 8% in the first quarter, after a 2% gain in Q4 2011.
Global holdings in ETFs backed by bullion have seen slight declines in the last 3 months, the longest losing streak since 2004. Assets in the SPDR Gold Trust, the largest fund backed by bullion, reached at 1,309.92 metric tons on Aug. 8 and appear to be consolidating at these levels as were at 1,277.11 tons as of yesterday.
Paulson has to date been the biggest holder of SPDR shares, using them to hedge currency exposure, while other managers such as David Einhorn and Daniel Loeb have favoured more discrete, more cost effective and safer option of owning physical gold bullion. http://www.goldcore.com/goldcore_blog/soros-pimco-paulson-texas-teacher-retirement-fund-buy-gold-q1