George Soros’ hedge fund continued to scale back its investment in the world’s largest gold exchange traded fund in the second quarter, according to regulatory filings.
Soros, who last month said his fund will no longer manage outside money, held 42,800 shares of SPDR Gold Shares (NYSEArca: GLD) at the end of June, compared with 49,400 at the end of the first quarter, Bloomberg reported.
In the first quarter, Soros sold nearly $800 million worth of shares in gold ETFs. [Hedge Fund Managers Soros, Paulson Mixed on Gold ETFs]
Separately, John Paulson’s hedge fund firm maintained its stake of 31.5 million shares at the end of the second quarter, according to the report.
“Investors in gold-backed ETPs owned about 2,186 metric tons of the metal as of yesterday, more than all except four central banks hold,” Bloomberg reported Tuesday. “The amount of gold tied to ETPs — which trade on exchanges, with each share representing metal held in a vault — surged to record 2,217 tons last week.”