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SPDR Gold Trust (ETF) (GLD): George Soros Takes Massive Gold Position

George Soros + GOLD

By Sprott Money News

What is going on behind the scenes? Does the financial elite know something that the rest of the general public does not? Do they know that a system collapse is just over the horizon?

It would appear so, for something has them running for the doors, scared and worried. As we reported on last week, key smart money players have been getting out of the general stock market, taking on massive short positions.

One such legendary investor that has taken on a giant short position is Carl Icahn, who has turned completely and utterly bearish on the global economy.

He is not alone – not at all. Another massive investor, George Soros, who is openly known as one of the key elite players and financial experts in the world, has joined the ranks of those fearing the worst.

Soros Fund Management, the family office of George Soros, has slashed its overall equity holdings by 25%. That’s down to just $4.5 billion, a far cry from where we have seen it in the past and the lowest position that we have seen this fund take since 2013.

This should not come as a shock to anyone, as Soros has been openly talking about the risk that he sees in the world, highlighting the unfolding drama that China is facing. He has even gone as far as to compare the debt situation there to what was seen before the 2007-2008 crisis erupted.

What is shocking is what Soros has moved his funds into. Taking a large position in Barrick Gold, making it his fund’s largest US holding, he is showing that he believes gold to be a solid bet in these times of uncertainty. We couldn’t agree more.

Of course, this is not the only example, as anyone who follows this blog would know. The Western world is in no better of a situation and the proliferation of fiat money is the only thing keeping this Ponzi scheme afloat.

Unfortunately for the unknowing masses, who have prepared not in the least bit, this can only go on for so long. A disaster of epic proportions is brewing behind the scenes.

The “smart” money is joining the ranks of the “tin foil” hat wearers and once again verifying that we have been right all along. The situation the world finds itself in is not one of growth and prosperity, but one of uncertainty and doubt. All we need now is a spark.

 

 

  • Robert

    “SPDR Gold Trust (ETF) (GLD): George Soros Takes Massive Gold Position”

    All these billionaire moves into GLD. I hope most people realize GLD allows its biggest holders to redeem for the underlying physical gold but everyone else is left holding the bag. Paper gold GLD claims to be fully backed by physical gold bullion but yet it refuses to give your everyday investors the right to redeem for any of these ‘claimed’ gold bullion. This fact alone would mean GLD shares are nothing more than paper at the end of the day. Furthermore, GLD’s prospectus is chalk full of weasel clauses and legal loopholes that allows the fund to get away without the full physical gold backing. One good example of this is the clause that states GLD has no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this audit loophole. There are other issues as well that I’ve verified and welcome everyone else to do the same:

    “Did anyone try calling the GLD hotline at (866) 320 4053 in search of numerical details on GLD’s insurance? The prospectus vaguely states “The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody.” When I asked about how much of the gold was insured, the representative proceeded act as if he didn’t know and said they were just the “marketing agent” for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.

    I remember there was a well documented visit by CNBC’s Bob Pisani to GLD’s gold vault. This visit was organized by GLD’s management to prove the existence of GLD’s gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this “GLD” bar was actually owned by ETF Securities.”