This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gold Falls as Big Investors Shuffle Stakes

NEW YORK ( TheStreet ) -- Gold and silver prices fell Tuesday as the market weighed the moves made by big-name investors in metals during the first quarter.

Gold for June delivery lost $10.60 to settle at $1,480 at the Comex division of the New York Mercantile Exchange. The gold price Wednesday has traded as high as $1,497.50 and as low as $1,471.70. The spot gold price was falling $7.30, according to Kitco's gold index.

Silver prices shed 64 cents to close at $33.49 an ounce. The U.S. dollar index reversed directions and was losing 0.16% to $75.47.



Both silver and gold faced some noise Tuesday as investors digest the latest 13F filings for the first quarter, which don't look good for gold.

George Soros dumped his gold holdings in the first quarter but he did put some money on two large cap miners, Barrick Gold (ABX - Get Report) and Goldcorp (GG - Get Report).

Soros' closely watched fund added a handful of shares to the two names, raising its position in Barrick to 8,500 and initiating a new position in Goldcorp of 7,600 shares. Soros reduced his holdings in the SPDR Gold Trust (GLD) to 49,400 and reduced his big share of NovaGold (NG) to 3.5 million shares from 12.91 million. Soros' bet on the small gold miner was a big boost for shares in 2010 which have fallen 35.8% year-to-date.

Soros did initiate a new position in Freeport McMoRan Copper & Gold (FCX - Get Report) of 301,300 shares and added to his position of Great Basin Gold (GBG) bringing his stake to 6 million shares.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
IAU $11.53 0.35%
GLD $114.42 0.28%
SLV $15.81 0.70%
ABX $13.11 -0.46%
FCX $23.35 -0.17%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs