CNBC or MarketWatch: Who to believe?

Discussion in 'Wall St. News' started by zygoting, Nov 15, 2010.

  1. zygoting


    Check it out. Two Financial Web sites I follow report conflicting information in the same article. One says Soros "trimmed" his gold position in the 3rd quarter and the other says he added to his gold position in the same quarter. What gives?

    Billionaire investor George Soros in the third quarter reduced some of his big bets on gold, a market he has called "the ultimate bubble."

    Axel Schmidt | AFP | Getty Images
    George Soros

    In a quarterly securities filing on Monday, Soros Fund Management reported it owned 4.7 million shares of the SPDR Gold Trust at the end of the third quarter, down from 5.2 million at the end of June.

    Soros also trimmed positions in miners including Barrick Gold [ABX 50.15 -0.58 (-1.14%) ], Great Basin Gold [GBG 2.95 -0.12 (-3.91%) ] and Newmont Mining [NEM 60.66 -0.89 (-1.45%) ]. He held unchanged large positions in NovaGold Resources [NG 14.18 -0.48 (-3.27%) ] and Kinross Gold [KGC 17.99 -0.35 (-1.91%) ]. However, he call options on 705,000 shares of the SPDR Gold fund [GLD 132.42 -1.27 (-0.95%) ].

    Soros has said several times this year that gold is "the ultimate bubble."

    "I called gold the ultimate bubble which means it may go higher," Soros explained in September at a Reuters Newsmaker event in New York. "But it's certainly not safe and it's not going to last forever."

    Since hitting an all-time record of $1,424.10 an ounce last week, the price of gold has slipped. Spot gold [XAU=X 1368.4 8.31 (+0.61%) ] was trading around $1,359 an ounce on Monday and U.S. gold futures [GLC1 Unavailable () ] for December delivery settled at $1,368.50.

    Soros does not typically explain his quarter-to-quarter moves. A spokesman was not immediately available for comment.

    Money managers like Soros are required to file form 13-F within 45 days after the end of each quarter. The forms include only U.S.-listed equity securities and related derivatives. Bonds, other securities and short positions are typically not disclosed.

    Managers may also leave off U.S.-listed equities they own under certain circumstances or file some holdings on confidential filings.


    By Alistair Barr

    SAN FRANCISCO (MarketWatch) -- Soros Fund Management LLC, headed by George Soros, increased gold positions during the third quarter, according to a regulatory filing late Monday. Soros held 4,697,008 shares of the SPDR Gold Trust /quotes/comstock/13*!gld/quotes/nls/gld (GLD 132.68, +0.26, +0.20%) and 705,000 call options on the gold ETF at the end of September, the filing showed. Soros also owned 5,000,000 shares of the iShares Gold Trust /quotes/comstock/13*!iau/quotes/nls/iau (IAU 13.25, -0.13, -0.97%) at the end of the third quarter, according to the filing. Three months earlier, Soros held 5,244,697 shares of the SPDR Gold Trust, a portion of which was a shared position. The firm held no shares of the iShares Gold Trust at the end of June, according to the filing. Such regulatory filings don't include all positions held by investment firms. Many derivatives, direct commodity holdings and short positions aren't included.

  2. Call Glen Beck he knows everything about Soros