Note that he did this despite the fact that gold prices had already run up substantially by 4Q.
It's also despite the fact that in Davos he recently said that gold was the 'ultimate asset bubble' and that there was 'no alternative to the dollar'.
These are the actions of a true trend trader, it seems:
The $25 billion New York-based firm became the fourth- largest holder in the SPDR Gold Trust, adding 3.728 million shares valued at $421 million, according to a filing with the U.S. Securities and Exchange Commission yesterday. Its investment was worth about $663 million, the fund’s largest single investment, as of Dec. 31.
Soros joined China Investment Corp. and central banks including those in China and India in acquiring gold. China Investment, the $300 billion sovereign wealth fund based in Beijing, took a 1.45 million-share stake in the SPDR Gold Trust worth $155.6 million, according to a SEC 13F filing posted on Feb. 5.
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See Also:
- Soros: Globalize Regulation Or Lose Global Markets
- Soros: When I See Bubbles, I Buy Them
- Hedge Fund Brevan Howard Drops Goldman, Picks Up Substantial Gold Stake