Eton Park Capital Management LP liquidated the last of its GLD shares in the third quarter.
Touradji Capital Management LP sold its stake in GLD in the first quarter of the year, but bought back 26% of its original position in the third quarter.
“Gold became very overbought,” Charles Morris, a manager at HSBC Global Asset Management who also reduce his gold holding to 6% at the end of November from 15% in June, said. “It will at least consolidate following this almighty rally. When the new bull market arrives, maybe a year or so away from now, then gold will once again prove to be a leading asset.”
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Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own GLD.