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Soros Privately Doubled Gold Investment While Publicly Trashing Precious Metal

Reuters [1]
Wednesday, February 17th, 2010

Billionaire investor George Soros’ hedge fund more than doubled its bet on the price of gold during the fourth quarter, a portion of the firm’s total U.S.-listed equity holdings of $8.8 billion at the end of 2009.

The New York-based firm also disclosed in a filing on Tuesday with the U.S. Securities and Exchange Commission that it bought almost 95 million shares of Citigroup during the quarter, worth $313 million by the end of the year.

Soros reported no holdings of the troubled bank’s shares at the end of the third quarter.

Soros Fund Management owned 6.2 million shares of SPDR Gold Trust — an exchange-traded fund that owns gold bullion — at the end of the year worth $663 million. That was up from 2.5 million shares at the end of the third quarter.

Full article here [1]