Soros Quadruples Gold Holdings

Posted by - Wednesday, May 16th, 2012

The Soros Fund Management seems optimistic on gold as it stocks up in bulk.

First quarter stats show that billionaire investor George Soros pumped up a rather plump gold ETF and invested quite heavily in J.P. Morgan Chase (JPM) at the tail end of the quarter. As of March 31, 606,000 J.P. Morgan shares had been reported.

Interestingly enough, Soros' fund sold out of Google (GOOG). The previously claimed 260,00 Google shares reported from a previous filing were not present at all in the latest March 31 filing.

The entity practically quadrupled SPDR Gold Trust (GLD) holdings! When compared to last year's stakes in a gold ETF, Soros' fund has already accumulated 235,000 more shares: 320,000 this year versus 85,000 at the conclusion of 2011.

According to MoneyNews:

Investments in banking and the financial sector, while on the rise, were not a one-way street.

Soros, who reported a sizable 870 holdings in his filing for the end of the first quarter, up from 716 at the end of 2009, sold most of a large stake in Citigroup he acquired last year...

He also trimmed his Bank of America stake by almost 36 percent and slashed a related bet in the Select SPDR financial sector ETF.

Investors like Soros are required by law to report holdings of any U.S.-listed equities at the conclusion of every quarter, but they are not required to report other securities holdings like bonds, short positions, or over-the-counter derivatives.

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