Paulson & Co. cut its stake in the SPDR Gold Trust
Paulson & Co. cut its stake in the SPDR Gold Trust, the biggest exchange-traded fund backed by the metal, to 20.3 million shares in the third quarter from 31.5 million as of June 30, while Mindich’s Eton Park Capital Management LP sold its entire holding of 813,000 shares, government filings show. Soros Fund Management LLC raised its stake to 48,350 shares from 42,800, and Touradji Capital Management LP held 45,000 shares compared with none as of June 30, separate filings showed.
Paulson is still the biggest investor in the ETP. Spokesmen for Paulson, Touradji and Eton Park declined to comment. Michael Vachon, a spokesman for Soros, didn’t respond to a voicemail.
“Gold is definitely a store of value and still very attractive for asset managers,” said Dominic Schnider, global head of commodity research at the wealth management unit of UBS AG in Singapore. “Given the reality of the debt situation in Europe, the need to hold real assets remains a top priority.”
The euro area’s inability to contain its sovereign-debt crisis led to a surge in Italian borrowing costs as investors bet on which nation will need aid next. Monti began a final day of talks to appoint a Cabinet today amid concern he’ll be unable to tame the region’s crisis. – Bloomberg
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