NEW YORK (

TheStreet

) --

John Paulson

and

George Soros

are still big believers in gold but sidestep silver, according to recent 13F filings for the third quarter.

As

gold prices

hurdled to new highs in the investing period from July through September, legendary investor Paulson retained his position as the No. 1 holder of the

SPDR Gold Shares

(GLD) - Get Report

exchange-traded fund with 31.5 million shares. Soros, on the other hand, dumped 547,689 shares of the GLD reducing his position to 4.7 million shares, making him the eighth largest holder from the seventh.

>>View John Paulson's Portfolio

Although Soros made headlines this year by saying that gold was the "ultimate asset bubble," he is still a believer in the precious metal. Soros initiated a new position of 5 million shares in the

iShares Gold Trust

(IAU) - Get Report

making him the fifth-largest holder.

>>View George Soros' Portfolio

IAU attracted a variety investors recently when it lowered its expense ratio from 0.4% basis points, which is how much it costs to buy shares of the GLD, to 0.25%, making it the cheapest gold ETF.

BlackRock

is the biggest holder with 12.3 million shares and added a modest 230 shares in the past quarter.

JPMorgan

(JPM) - Get Report

was the second biggest buyer of the IAU adding 3.8 million shares bringing its total holdings to 3.9 million. JPMorgan didn't stop there. The large investment bank, custodian of the GLD, was the biggest buyer of the GLD adding 5.47 million shares for a total of 10.3 million making it the third-largest investor behind Paulson and

Northern Trust

.

The gold ETFs lost some big names as well with

Eton Park Capital Management

reducing its holdings of the GLD by 2 million shares and

Royal Bank of Scotland

closing out its position of IAU.

Silver, often dubbed the poor man's gold, rallied 18% in the third quarter which spurred invest interest in the physically backed ETFs.

Bank of America

(BAC) - Get Report

added 4.6 million shares of the

iShares Silver Trust

(SLV) - Get Report

, making it the biggest buyer and holder with 12.3 million shares. Selling of the SLV was relatively minor.

Goldman Sachs

(GS) - Get Report

. on the other hand. reduced its gold and silver holdings selling 129,180 shares of the

ETFS Physical Silver Shares

(SIVR) - Get Report

and 116,771 shares of the

ETFS Physical Gold Shares

(SGOL) - Get Report

.

As gold prices glittered, so did gold mining stocks. Paulson kept his positions unchanged in

Kinross Gold

(KGC) - Get Report

,

Gold Fields

(GFI) - Get Report

,

NovaGold

(NG) - Get Report

,

Randgold

(GOLD) - Get Report

and

Iamgold

(IAG) - Get Report

. He did dump 2.7 million shares of

AngloGold Ashanti

(AU) - Get Report

, but is still the largest holder with 41 million shares. The stock rallied almost 9% in the third quarter.

Soros was more active in trading gold stocks. Soros sold shares of Kinross,

Newmont Mining

(NEM) - Get Report

and

Market Vectors Gold Miners

(GDX) - Get Report

, a basket of large gold stocks, but initiated a new position in

Teck Resources

(TCK)

and

New Gold

(NGD) - Get Report

, and added to his position in

Great Basin Gold

(GBG)

. Soros retained his positions in NovaGold,

Seabridge Gold

(SA) - Get Report

and

Gammon Gold

(GRS)

.

Teck Resources owns 50% of one of NovaGold's big projects, Galore Creek. There has been speculation recently that the junior gold miner could be in the market for a buyer and that Teck Resources or

Barrick Gold

(ABX)

, which owns 50% of NovaGold's other big project Donlin Creek, could be potential bidders.

--

Written in New York by Alix Steel in

New York.

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Alix Steel

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