May 4, 2011

GERONIMO!:

Soros Reported To Have Sold Gold Position in April (Robert Lenzner, May. 4 2011, Forbes)

George Soros apparently thinks the gold bubble reached its peak in April. The multibillionaire hedge fund manager sold his large holding in GLD, the gold ETF in April as the price spiked to the $1550 an ounce level. Soros’ liquidation could well mark the peak for gold since other hedge funds and traders who followed him into the gold trade, could decide to sell before QE2, the Fed’s $600 billion program of quantitative easing is over.

If true, it means that Soros; gold position, first accumulated in 2008 when gold was in the $850-900 an ounce range, made him and his investors a return of at least 60-70% over almost 3 years.


Posted by at May 4, 2011 1:58 PM
  

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