##  [# Soros Cashes Out Of Gold ETF ‘GLD’](/sections/news/soros-cashes-out-gold-etf-gld) 

 

# Soros Cashes Out Of Gold ETF ‘GLD’

 

 

His and other hedge funds dissolved positions in the third quarter ahead of the elections.



 

 

 

 

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[By Marcy Nicholson](/contributors/marcy-nicholson)

 Nov 16, 2016

 Edited by: Marcy Nicholson

 

 

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New York (Reuters) – Soros Fund Management LLC dissolved its shares in the world's biggest gold exchange-traded fund in the third quarter of 2016, ahead of the U.S. presidential election, a U.S. Securities and Exchange Commission filing showed this week.

By the end of September, billionaire financier George Soros' fund eliminated its position in the [SPDR Gold Trust (GLD)](https://www.etf.com/GLD) as bullion prices briefly rose to the highest in more than two years, having held 240,000 shares worth $30.4 million in the second quarter.

Soros more than doubled its shares in miner Barrick Gold Corp to 2.85 million shares worth $50.5 million, from 1.07 million shares in the second quarter, the 13F filing showed.

**Paulson Hold Position Steady**

Paulson &amp; Co., led by longtime gold bull John Paulson, held its stake in GLD unchanged at 4.78 million shares. Its value fell to $600 million by the end of the third quarter from $603.9 million in the second quarter.

Inflows into GLD increased by more than 3% to a three-year high in the third quarter as higher gold prices typically attract investment money to bullion, which is often seen as a hedge against inflation.

In July, spot gold prices extended the steep 25% gains made in the first half of 2016 to peak at $1,374.91 an ounce, the highest since March 2014. Prices eased nearly 3% by the end of September to $1,315.80 as expectations increased for the U.S. Federal Reserve to raise interest rates in December.

Spot gold prices have since fallen to a 5 ½-month low of $1,211.08.

In a 13F filing earlier this month, CI Investments, an investment manager of Toronto-based CI Financial Corp., reported that it sharply cut its stake in GLD to 62,719 shares worth $7.88 million, from 9.4 million shares worth $1.19 billion at the end of June, when it was the second-biggest shareholder.

Jana Partners, led by activist investor Barry Rosenstein, remained out of gold after dissolving its share stake in GLD in the second quarter.



 

 

 [ Marcy Nicholson ](/contributors/marcy-nicholson) 

 

 

    [View Bio](/contributors/marcy-nicholson)

 



 

 


 Related Topics  [Gold](http://www.etf.com/topics/gold) 

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 [Hedge Funds](http://www.etf.com/topics/hedge-funds) 

 [Global](http://www.etf.com/topics/global)