NEW YORK (
are still big believers in gold but sidestep silver, according to recent 13F filings for the third quarter.
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
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.
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
making him the fifth-largest holder.
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.
is the biggest holder with 12.3 million shares and added a modest 230 shares in the past quarter.
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
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
added 4.6 million shares of the
iShares Silver Trust
, making it the biggest buyer and holder with 12.3 million shares. Selling of the SLV was relatively minor.
. on the other hand. reduced its gold and silver holdings selling 129,180 shares of the
ETFS Physical Silver Shares
and 116,771 shares of the
ETFS Physical Gold Shares
As gold prices glittered, so did gold mining stocks. Paulson kept his positions unchanged in
. He did dump 2.7 million shares of
, 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,
Market Vectors Gold Miners
, a basket of large gold stocks, but initiated a new position in
, and added to his position in
Great Basin Gold
. Soros retained his positions in NovaGold,
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
, which owns 50% of NovaGold's other big project Donlin Creek, could be potential bidders.
Written in New York by Alix Steel in
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