Soros Sells Ivanhoe (NYSE:IVN), Golden Star (NYSE:GSS), Gold Fields (NYSE:GFI), Barrick (NYSE:ABX), Newmont (NYSE:NEM) and SPDR (NYSE:GLD)
George Soros' "Soros Fund Management" decreased a number of its gold assets in the third quarter, either lowering positions in or selling off completely, Ivanhoe (NYSE:IVN), Golden Star (NYSE:GSS), Gold Fields (NYSE:GFI), Barrick (NYSE:ABX), Newmont (NYSE:NEM) and SPDR (NYSE:GLD)
Soros sold his entire stake in Ivanhoe Mines (NYSE:IVN), Golden Star Resources (NYSE:GSS) and Gold Fields (NYSE:GFI).
He also lowered positions in Barrick (NYSE:ABX), Newmont (NYSE:NEM) and SPDR (NYSE:GLD), although his holding in SPDR is still among the highest in the fund.
Soros has mentioned gold being the ultimate bubble, but that's not really why he's divesting some now. It's just that gold is at historical highs and has been due for a correction for some time, and we're probably in the midst of one now, although it's an uncertainty as to if it's short-term and shallow, or long-term and deep.
More than likely it's short-term and shallow, as there are too many economic disasters around the world to keep gold down, and speculation about China's interest rates won't be enough by itself to cause gold prices to plummet.
Soros sold his entire stake in Ivanhoe Mines (NYSE:IVN), Golden Star Resources (NYSE:GSS) and Gold Fields (NYSE:GFI).
He also lowered positions in Barrick (NYSE:ABX), Newmont (NYSE:NEM) and SPDR (NYSE:GLD), although his holding in SPDR is still among the highest in the fund.
Soros has mentioned gold being the ultimate bubble, but that's not really why he's divesting some now. It's just that gold is at historical highs and has been due for a correction for some time, and we're probably in the midst of one now, although it's an uncertainty as to if it's short-term and shallow, or long-term and deep.
More than likely it's short-term and shallow, as there are too many economic disasters around the world to keep gold down, and speculation about China's interest rates won't be enough by itself to cause gold prices to plummet.
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