NEW YORK (Commodity Online): Last month, billionaire global investor George Soros rattled the bullion world by predicting that gold is an ultimate asset bubble and there was no fundamental reason why the yellow metal price should keep on rising.

But despite his ‘gold bubble talk’ that sent bullion investors panicky, it seems that Soros does not hate investing in gold and gold funds, especially the exchange traded bullion funds. In fact, Soros loves gold and gold funds, if you look at the investments that he has made into the yellow metal market last year.

According to a mandatory filing that Soros made before the US Securities and Exchange Commission, his Soros Fund Management holds 6.2 million shares of SPDR Gold Trust, the world’s largest bullion exchange traded fund.

The filing says at the end of the year 2009, Soros’ investment in SPDR Gold Trust stood at $663 million, up from 2.5 million shares at the end of the third quarter.

Soros and his fellow commodities investor Jim Rogers have been pronouncing that gold is the best bet and hedge against inflation during stock market meltdowns and economic turmoil. Since gold has been outperforming the US dollar, investors like Soros and Rogers have been holding the green flag for gold.

But last month, during the World Economic Forum, Soros had termed gold as the ultimate asset bubble. However, at the same time, Soros decline to reply to any questions whether he was continuing to invest in the yellow metal.

Bullion analysts say the very fact that Soros is going on an investing spree in gold funds proves that gold continues to be the best asset. “I do not understand why George Soros thought that gold is the ultimate asset bubble in the world. Most bullion traders have not really understood Soros on gold bubble especially when he continues to invest in gold and gold funds,” bullion analyst Mark Robinson told Commodity Online.