17 February 2010

Soros More Than Doubled His Gold Position in 4Q '09

Regulatory filings disclose that Soros more than doubled the gold position in his Soros Fund Management LLC at the end of 2009. There is a lag in official reporting in regulatory filings, so he *could* have sold his entire position before he called gold 'a bubble' at Davos last month.

Then again, he might not have. In which case what would that make him?

We will have to wait for the next round of filings to see.

Certainly not a man of serious intent, regardless of his positions, since he is buying the Gold ETF rather than something more --- substantial.

How are the mighty fallen.

And speaking of the fallen, Dennis Gartman advised that he was selling out his gold position last week, near the lows for the correction around $1060, at least so far, and just in time to miss a rather sharp rally to the upside of $1100. Of course, no one is always right; we all make bad calls. But then again, not everyone goes on financial television and makes a prat of themselves by talking trash about those who have been mostly right about a market while he has been so often wrong.

"When your heart is covered with the snows of pessimism and the ice of cynicism, then, and then only, are you grown old. And then, indeed as the ballad says, you just fade away.” Douglas MacArthur
A fade indeed.

Soros More Than Doubles Gold ETF Holding in Fourth Quarter

By Katherine Burton

Feb. 17 (Bloomberg) -- Billionaire George Soros’s Soros Fund Management LLC more than doubled its holding in the SPDR Gold Trust exchange-traded fund in the fourth quarter, according to a regulatory filing.

The $25 billion New York-based firm added shares valued at $421 million in the SPDR Gold Trust, the biggest ETF backed by the metal, according to yesterday’s filing with the U.S. Securities and Exchange Commission. Its holding in the fund was worth about $663 million as of Dec. 31.

The filings are done quarterly with a 45 day lag, so Soros could have sold some or all of the position since then. Soros, while speaking last month at the World Economic Forum in Davos, called gold the “ultimate asset bubble” and said the price could tumble, according to a report in the Daily Telegraph...