Soros Hoards Gold Despite Bubble Talk

Mar 2 2010 | 12:39pm ET

Gold may be a “bubble,” according to George Soros, but it’s been a profitable one for his Soros Fund Management. And not one that the hedge fund thinks will be bursting any time soon.

Soros more than doubled its bet on the precious metal in the fourth quarter, according to a regulatory filing. The $25 billion hedge fund boosted its investment in the SPDR Gold Trust by 152% over the last three months of the year, making it's the fourth-biggest investor in the exchange-traded fund.

Though the price of gold is down about 9% this year, it rose 21% during the fourth quarter, while Soros was buying up more than 2.4 million shares of the SPDR gold fund.

In January at the World Economic Forum at Davos, Soros called gold “the ultimate asset bubble.”

But Soros is not alone in thinking gold has farther to rise before its inevitable fall. Barclays, Goldman Sachs and HSBC all predict the metal will rise at least another 10% this year.


In Depth

Q&A: Pantheon’s McCrary Says Private Equity Market ‘Robust’

Dec 17 2014 | 8:32am ET

Dennis McCrary is a partner at Pantheon, a private equity firm with $32.2 billion...

Lifestyle

Cohen Donates $1.5M To GOP Governors Association

Dec 10 2014 | 7:13am ET

The Republican Governors Association raised close to $25 million from October 1...

Guest Contributor

Q&A With Daniel Gallancy: Institutional Interest In Bitcoin Is Growing Steadily

Dec 12 2014 | 7:54am ET

Daniel Gallancy is founder and CEO of SolidX, a provider of total return swaps for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.