George Soros takes profit on gold

Billionaire George Soros took profits on much of his position in gold in the second quarter. This is evident from the latest figures from the Securities and Exchange Commission, the regulator of the US stock market. George Soros' mutual fund invested $123.5 million in gold at the beginning of this year, by buying 1.05 million shares of the gold ETF GLD. But in the second quarter, he already took a profit by reducing his position in the gold fund to 240,000 shares.

Soros also sold a large part of his shares in Barrick Gold. In the first quarter, his fund had 19.4 million shares in this mining company, but in the second quarter there were only 1.07 million. The gold mining sector more than doubled in value on the stock market in the first half of this year, as the profitability of these companies increased due to the increase in the Gold price greatly improved.

"Investors are selling more gold mining stocks again, as these stocks have delivered significantly more returns than gold in the first half of this year. This is not to say that some investors have become negative about gold and the gold mines, but that they simply see an opportunity to take some profits.", Tai Wong of BMO Capital Markets told Reuters.

Paulson holds position in gold

While George Soros sold part of his gold portfolio, billionaire John Paulson held on to his position. The figures from the US regulator show that investment fund Paulson & Co still has 4.78 million GLD shares in its portfolio, worth $603.9 million. He also maintained his positions in the IAMGold and RandGold gold mines in the second quarter, while selling some of his shares in AngloGold Ashanti and NovaGold Resources Did.

John Paulson entered gold at the beginning of 2009 and saw the value of this position increase by 70% in just over two years. After that, the gold price started to fall again, but that was no reason for the billionaire to sell his position in the precious metal. Due to negative interest rates and a further easing of the monetary policy of central banks, the price of gold has risen by about 25% this year.

George Soros takes profit on gold