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Billionaires raise stakes in golden ETPs as prices rise
Source: Bloomberg News |
November 16, 2012, Friday
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Print Edition
Print Edition
BILLIONAIRE investors George Soros and Louis Moore Bacon have increased their stakes in exchange-traded products backed by gold as prices jumped the most in over two years.
Soros Fund Management boosted its investment in the SPDR Gold Trust, the biggest fund backed by the metal, by 49 percent to 1.32 million shares as of September 30, compared with three months earlier, a US Securities and Exchange Commission filing for third-quarter holdings showed.
Bacon's Moore Capital Management LP bought 1.8 million shares in Sprott Physical Gold Trust last quarter.
Prices rose 11 percent in the third quarter, the most since 2010, as countries from the US to China announced measures to boost growth, boosting the appeal of gold as an inflation hedge.
Global ETP holdings reached a record 2,596.11 tons on November 8 amid speculation that stimulus efforts will rise as the US faces a so-called fiscal cliff of US$607 billion in tax gains and spending cuts next year should Congress fail to act.
Soros Fund Management boosted its investment in the SPDR Gold Trust, the biggest fund backed by the metal, by 49 percent to 1.32 million shares as of September 30, compared with three months earlier, a US Securities and Exchange Commission filing for third-quarter holdings showed.
Bacon's Moore Capital Management LP bought 1.8 million shares in Sprott Physical Gold Trust last quarter.
Prices rose 11 percent in the third quarter, the most since 2010, as countries from the US to China announced measures to boost growth, boosting the appeal of gold as an inflation hedge.
Global ETP holdings reached a record 2,596.11 tons on November 8 amid speculation that stimulus efforts will rise as the US faces a so-called fiscal cliff of US$607 billion in tax gains and spending cuts next year should Congress fail to act.
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