Last Updated : 16 May 2013 at 10:00 IST
George Soros did it and Gold slid
Actions of George Soros heralds the fortunes of gold; in other words, gold's future is wedded to Soros' investment decisions.At least that is how it is in the present conditions.
Iran's oilmeal imports from India reached 789,031 tons during April-November period this year, ro..
By Col. Ajay
As per financial astrology, transit OD Sun in Saturn house is ..
The kind of leverage that billionaire investor George Soros has on the psyche of investors is beyond comparison. When he buys gold investors too, when he sells gold investors too.
Actions of George Soros heralds the fortunes of gold; in other words, gold's future is wedded to Soros' investment decisions. At least that is how it is in the present conditions.
Soros Fund Management LLC cut short its holdings in the world's largest investment fund, the SPDR Gold Trust by 12% to 530,900 shares as of March 31. This when compared to higher amounts in investment in the fund three months earlier.
Besides, Northern Trust and BlackRock exhibited reductions of more than half even as Paulson & Co., the largest investor in SPDR held 21.8 million shares.
“Many people accumulated gold in the aftermath of the financial crisis in 2008 and with investors expecting economic improvement going forward, holdings in ETFs have more room to fall,” said Yang Xuejie, an analyst at Galaxy Futures to Bloomberg.
“There’s always some physical buying at lower prices, however, that’s not enough to take the market higher,”he noted.
Yesterday, holdings in the SPDR dropped to 1,047.13 metric tons on Wednesday. They have dipped 303.7 tons in 2013 so far.
Gold on the Comex for delivery on June 13 was seen trading at $1390.75 a loss of $5.45 or 0.39% as of 09.59 PM IST.
“It’s a very nasty time for gold investors as prices are dropping while stocks keep raging ahead,” Michael Gayed,co-portfolio manager of ATAC Inflation Rotation Fund at New York-based Pension Partners LLC said to Bloomberg.
“The emotional double whammy has accentuated the selling,” he added.
- A pretty picture for Silver demand in industry, better future
- Market surplus, higher mine supply to weigh on Silver
- India Gold remains weak, Crude Oil falls on profit booking, Copper up
- Gold options indicates bullish sentiment: Saxo Bank
- Firm data keeps US Gold down, MCX Gold opens negative
- US Crude Oil rises further on stockpiles drop, Gold falls after short covering rally