The Complete Guide To How Hedge Funds Are Trading Gold Right Now

Last quarter was a big one for gold investments.

Almost every hedge fund manager we follow increased or opened a stake in some form of gold, whether it be an ETF or a gold mining company.

Even gold sceptics like Julian Robertson are now following the yellow brick road.

But of course some people also sold some of their gold holdings.

Peter Thiel, Clarium Capital Management

Latest moves:

  • Opened a stake in SPDR Gold Trust: ~$11.4 M; 100,000 shares.
  • Previous gold holdings: None in 2Q

Julian Robertson

Latest moves:

  • Opened a stake in SPDR Gold Trust: ~$247 million (2,165,000 shares).
  • Previous gold holdings: None in 2Q

Chris Shumway, Shumway Capital

Latest moves:

  • Opened a stake in SPDR Gold Trust: ~$266 million (~2,100,000 shares).
  • Previous gold holdings: None in 2Q

Dan Loeb, Third Point

Latest moves:

  • Opened a stake in SPDR Gold Trust: ~$15 million (115,000 shares).
  • Previous gold holdings: None in 2Q

Eric Mindich, Eton Park Management

Latest moves:

  • Opened a stake in IAMGOLD (~$14 M; 800,000 shares) and Yamana (~$27 M; 2,396,000 shares).
  • Enlarged stakes in previous holdings Barrick Gold ~$10 M (~800,000 shares) and Newmont Mining ~$15 M (250,000 shares).
  • Decreased stake GLD by ~$215 M (~2 million shares) to ~585 M (~4.5 million shares)
  • Sold out of Goldcorp (~$31 M; 725,000 shares) and Agnico Eagles Mines (~$28 M; 475,000 shares).

Steve Cohen, SAC Capital

Latest moves:

  • Opened stakes in Goldcorp (~$3.3 M; 77,432 shares) and Newmont Mining (~$4.9M; 78,776 shares), Seabridge Gold ($665,000; 23,200 shares), Golden Star ($186,000; 37,623 shares).
  • Maintained stakes in Agnico Eagle, Allied Nevada Gold, Eldorado, SPDR Gold Trust and Gold Fields.

George Soros

Latest moves:

  • Opened a stake in New Gold $4.4 M (~656,000 shares)
  • Decreased stake in SPDR Gold Trust ~32 M ( ~400,000 shares) to take stake to ~$700 M; ~4.6 million shares
  • Sold out of Gold Fields, Golden Star, Iamgold
  • Maintained stakes in Seabridge Gold (~10 M; ~340,000 shares), Allied Nevada (~56 M; ~2 million shares), Kinross (~$66 M; ~3.9 million shares), Novagold (~$112M; ~ 12 million shares)

Highbridge Capital Management

Latest moves:

  • Opened a stake in Novagold ($11.3 M; 10,000,000 shares) and US Gold Corporation $119,000 (24,190 shares).
  • Maintained stakes in Eldorado Gold, Goldcorp Inc, Golden Minerals, New Gold Inc, Newmont Mining, Agnico Eagle, and Royal Gold.

Howard Marks, Oaktree Capital

Latest moves:

  • Enlarged stake in Barrick Gold by ~$6 million (~100,000 shares) to ~$11 M (~238,000 shares)
  • Maintained stakes in Goldcorp (~$44 M; 36,650,000 shares) and Kinross Gold (~$1.5 M; 1,500,000 shares).

John Paulson, Paulson & Co.

Latest moves:

  • Decreased stake in Anglogold Ashanti (~2.7 million shares), though the value of his investment increased by ~$6 million to ~$1.89 billion.
  • Maintained stakes in Barrick Gold (~$18.5 M; 400,000 shares), IAMGOLD (~$48 million; 2,700,000 shares) NovaGold (~$175 M; 20,181,818 shares), SPDR Gold Trust (~$4 M; 31,500,000 shares), Gold Fields LTD(~$367 M; 24,050,000 shares), Randgold(~$50 M; 495,000 shares) and Kinross Gold Corp (~$620 M; ~33,000,000).

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