GLD Falls 1.5% On Big Soros Sale

By
February 15, 2013
Share:

Related ETFs

Ticker Fund name
GLDSPDR Gold
Related ETF Lists
Gold ETFs

Soros, no gold bug, stirs up the gold market with a sizable sale of more than half his GLD.

The SPDR Gold Shares (NYSEArca: GLD), the world’s largest gold bullion ETF, fell more than 1.5 percent today on news that George Soros cut his position in the fund by a whopping 55 percent to 600,000 shares during the fourth quarter of 2012, according to a quarterly regulatory filing.

Gold was last trading just above $1,607 after ending the session yesterday at $1,634.75. It hit a low just below $1,600 early in Friday’s session. Viewing gold prices through the lens of the ETF, GLD closed yesterday at $158.35, and was last trading at $155.41 after hitting a low of $154.57.

Soros Fund Management holdings of GLD have ranged from 42,800 shares in 2011 to as much as 6.2 million shares in 2009.

However, Soros, while certainly well regarded, isn’t known for being a steadfast gold bull. In September 2010, the billionaire investor said the yellow metal was “the ultimate asset bubble”; at the time, prices were trading at a mere $1,275.

A fellow billionaire, John Paulson, is known for having more conviction in the gold bull market. His closely watched holdings of the SPDR Gold Trust remained unchanged during the fourth quarter at 21.8 million shares.

Nevertheless, today’s plunge in gold prices below $1,600 may have little to do with either of these billionaire investors, which Soros and Paulson detailed in so-called 13-F documents each filed with the Securities and Exchange Commission on Thursday.

13F filings, required of institutional money managers who have at least $100 million in qualified assets under management, must be filed with the SEC 45 days after the end of each quarter.

 

ETF.COM CHANNELS

Want to learn more about smart-beta ETFs? Check out our smart-beta guide, essentials library and ETF screener!

ETF DAILY DATA

Small-cap fund 'IWM' led outflows on Monday, June 29, as Greece's solvency challenges fueled a market pullback and net outflows. Total U.S.-listed ETF assets dropped to $2.114 trillion.

'IWM' and 'HYG' paced iShares' issuer-leading outflows on Monday, June 29, as total U.S.-listed ETF assets fell to $2.114 trillion.

ETF.COM ANALYST BLOGS

By Drew Voros

Why is putting a client’s interest first not the industry standard?

By Matt Hougan

Contrarian plays, bad investing and authenticity in social media dominated the day.

By Dave Nadig

While they bring added risk, they can bring added returns.

By Olly Ludwig

The ETF world is a hotbed of interesting new ideas, as this week’s launches make clear.

ETF INDUSTRY PERSPECTIVE

By Invesco PowerShares

Smart beta appears to be poised for further growth.

By Dorsey Wright & Associates LLC

So many sectors, how do you choose? A quick guide from Dorsey Wright.

By Nasdaq Global Indexes

Bond exposure or bond performance? Only defined maturity indexes provide the latter.