George Soros has reportedly sold nearly $800 million worth of shares in gold exchange traded funds, while fellow hedge fund manager John Paulson kept his big stake in gold ETFs unchanged in the first quarter, according to regulatory filings.
Soros reduced his holdings in SPDR Gold Shares (NYSEArca: GLD) to about $7 million from $655 million at the end of 2010, Reuters reported. He also sold 5 million shares of iShares Gold Trust (NYSEArca: IAU), according to the report.
Paulson, meanwhile, kept his $4.4 billion position in SPDR Gold Shares, according to reports.
Gold has been trading around $1,500 an ounce after its recent sell-off.
“Gold investor demand shows resilience as buying interest emerges below the $1,500/oz mark. Data this week showed CPI inflation in China has topped the 4% full year government target each month so far this year to April, highlighting the strength of global inflation pressure,” ETF Securities said in a recent report.