According to the most recent Soros Fund Management 13F Q4 holdings report, it appears that Soros's hedge fund doubled down on their GLD position (for holdings ending 12/31/2009). To be exact he increased his position by 152% to 6,178,342 shares. It is the biggest holding in the Soros Fund Management portfolio, totaling 676.3 million dollars. John Paulson also owns GLD en masse which I'll touch on in a separate post. Keep in mind these holdings are reported from the 9/30/2009-12/31/2009 period, so we'll know wtf he did with his holdings in a few months. His top holdings are as follows:
SPDR Gold Trust valued at $676 million
Hess Corp, $350 million
Petroleo Brasileiro, $329 million
Citigroup (New Holding), $323 million
Monsanto (Added 2 fold), $301 million
(see all holdings)
So lets analyze Soros and gold, here are recent posts in descending order.
Soros Interview at Davos 2010 On China Overheating, Gold Bubble, Bank Regulation (2/11/2010)
Soros Lectures on Theory of Reflexivity and Financial Markets (Videos) (1/9/2010)
Quantum Partners/Soros Owns 20% of Marengo Mining (MRN, MGO), Watch Copper.. (1/4/2010)
The question on every blogs mind is, why did George Soros say gold was in a bubble if he more than doubled his position from 9/30 to 12/31? Lets see. Did Soros flip GLD for a quick 20% from the 100 break in October and dump in the beginning of December at 120? We would have seen the dump reflected in the filing so perhaps he just rocked out some puts for protection. Of course we have no idea if he really meant gold was in a bubble and dumped everything after January 1st, during the current gold correction.
On the other side of the trade, Soros said in the Telegraph/Bloomberg Davos interview(s) that gold was in a bubble but he also likes taking advantage of bubbles (where the money is made). So the question is folks, when or if (already) $GLD found its corrective base, will Soros turn $600 million into $1.2 billion when gold hits 2,000/oz? Soros, please tell us in the comment section below (you can make an anonymous name), even though you didn't comment if you were long or short the US Dollar in April 2009. We'd like to know since gold is nearing another big inflection point.