Thursday, 21 August 2014
Last updated 17 min ago
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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note