Closely watched investors George Soros and John Paulson added to their positions in the largest gold ETF in the second quarter, according to regulatory filings.
Paulson & Co. owned 21.8 million shares in SPDR Gold Shares (NYSEArca: GLD) by the end of June, up about 26% from 17.3 million shares from the end of the first quarter, Reuters reports. “The gamble resulted in a paper gain of nearly $583 million for the company as the value of its ETF holdings rose to $3.39 billion from $2.81 billion,” it said.
Paulson’s $21 billion hedge fund has more than 44% of its U.S. traded equities tied to gold, Bloomberg News reports. GLD is the firm’s largest position.
Also, Soros more than doubled his shares in the gold ETF.
GLD lost about 4% in the second quarter on weaker gold prices.