(Updated with share price information)
In a bullish sign on platinum, Soros recently raised his stake in Platinum Group to 9.7% according to a filing with the Securities and Exchange Commission. Shares of the mining company have responded today by bidding up 4% to $ 2.08 in Tuesday morning trading.
Soros Fund Management now owns 15.5 million Platinum Group shares, up from just 1.5 million shares in his last disclosed quarterly portfolio, and significant enough for it to become the company's largest shareholder.Platinum Group chiefly looks for platinum resources and has mineral rights in Canada and South Africa. It recently raised C$125 million to increase its stake in a platinum mine expansion project to 75%. The company also recently said it's open to various "strategic" options, including a potential sale or merger, partnerships and the creation of a platinum stream, which might have also prompted an investment from the hedge fund titan. Platinum and palladium have been rallying along with other precious metals. While gold has received the most interest because of its status as a safe haven, platinum is in demand as sales of automobiles in emerging markets continue to rise. Soros still has big exposure to gold but has also been quoted as saying that the yellow metal is in an ultimate bubble. Separately, Soros Fund Management also disclosed that it has raised its stake in Female Health (FHCO) to 5.1% from 4.8% previously. --Written by Shanthi Venkataraman in New York
>To contact the writer of this article, click here: Shanthi Venkataraman. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV