George Soros increased his position in the SPDR Gold Trust by 0.5% in the fourth quarter of 2010 while John Paulson left his position unchanged, according to the SEC’s latest 13F filings.
Soros Fund Management LLC manages approximately $27 billion, and its SPDR Gold Trust holding amounted to $655 million as of Dec. 31. This represented 8.5% of the $7.7 billion the firm has in equity positions, according to the 13F filing. Soros’ firm’s position in the iShares Gold Trust (IAG) remained at five million shares in the fourth quarter.
Paulson & Co. owns 31.5 million shares of the SPDR Gold Trust – the world’s largest gold exchange-traded fund - and is its largest shareholder .
Eric Minidch of Eton Park Capital Management added hedges to his position in the SPDR Gold Trust, by purchasing five million put options in the quarter to bring his total to 8 million. Eton Park also held 4.5 million shares in the trust as of December 31, 2010.
Commenting on the news, Deutsche Bank analyst Daniel Brebner stated that “Investment demand remains the most important driver for the gold market. The entrance or exit of large funds in and out of exchange-traded products can give an idea of the conviction by these investors as to the prospects for gold.”
The 13F filings of Soros, Paulson, and Mindich’s firms are available here: