Billionaire Soros Dumps Half His Paper Gold Investments
Billionaire investor George Soros is increasingly bearish on gold.
Soros cut his investment in the SPDR Gold Trust (GLD) in half during the fourth quarter, according to a regulatory filing.
The $8.5 billion Soros Fund Management now owns 600,000 shares of the gold ETF, worth an estimated $97 million. That's down from 1.3 million shares, worth more than $227 million, in the third quarter. The ETF is one of the most widely held gold-backed ETFs.
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