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Soros backpedals on gold holdings

May 17, 2011 at 4:51 PM   |   Comments

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NEW YORK, May 17 (UPI) -- Billionaire investor George Soros spent much of the first quarter ditching his position in gold, a U.S. regulatory filing said.

In a filing with the Securities and Exchange Commission, Soros Fund Management said it pared down its holdings having to do with the precious metal by $800 million. Gold, meanwhile, has spent much of the year steaming ahead to a record price, hitting $1,557.40 per troy ounce in early May, CNNMoney reported Tuesday.

The year began with gold or gold-related investments making up about 10 percent of Soros Fund management's $8.4 billion portfolio.

The SEC filing said it ended the quarter with just $6.9 million or 49,400 shares in SPDR Gold Trust, down from $655 million or 4.7 million shares at the start of the year.

The fund also sold 5 million shares of iShares Gold Trust and pared back holdings of mining firms Kinross Gold Corp. and Novagold Resources.

In total, the fund's gold investments dropped from $1 billion to about $216 million.

In its own filing Paulson & Co., also influential in the gold market, held onto its $4.4 billion position in the gold market during the first quarter.

Paulson's SEC filing said it added to its position in two mining companies, Barrick Gold Corp. and Gold Fields Ltd.

Topics: George Soros
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