Monday, February 25, 2013

George Soros Dumps GLD, Kinross Gold, SPDR & Buys Physical?

George Soros cut his investment in the SPDR Gold Trust (GLD) in half during the fourth quarter, according to a regulatory filing. Soros also sold his stake in gold miner Kinross Gold Corp. (KGC), which was worth about $18 million, but held onto 1.7 million shares of Freeport-McMoran (FCX, Fortune 500), worth about $46 million.Soros is dumping GLD because he understands the cycle we are going through. If the EU collapses, most of the funds coming out of there will go into the USD which will push gold and silver down. That's my interpretation. Visit my new channel: SilverCoinNews for recent insightful videos regarding gold and silver direction!