Paulson, Dalio Maintain Gold Positions During 1Q As Price Rises
(Kitco News)- Well-knownhedge fund managers John Paulson and Ray Dalio basically maintained theirholdings in gold exchange-traded funds during the first quarter, filings show.
Meanwhile,Soros Fund Management LLC has remained out of gold since exiting from itsshares of Barrick Gold Corp. in the fourth quarter of 2016.
Institutionalinvestment managers must file a Form 13F-HR, showing their major holdings, withthe Securities and Exchange Commission within 45 days of the end of thequarter.
Thehedge fund Paulson & Co. marginally trimmed its holdings in SPDR SharesGold, the world's largest gold ETF, as of the end of the January-March period to4.32 million shares from 4.36 million shares at the end of the fourth quarter,the filings show. However, because the price of gold rose, the value of thoseshares as of the first quarter climbed to $543.4 million from $539.1 million atthe end of December.
Thedata comes more than a month after Paulson announced that he closed his goldfund to clients and returned their capital.
Dalio'sBridgewater Associates held 3.9 million shares in the gold trust, the same asat the end of the fourth quarter. However, the value of those shares rose to$491.7 million from $483.3 million. Bridgewater's holdings in iShares Gold Trust remained at 11.32 million shares, althoughthe value climbed to $144.1 million from $141.6 million.
GoldETFs trade like a stock but track the price of the commodity, with metal putinto storage to back the shares. Comex June gold futures rose to $1,327.30 asof the end of the first quarter, compared to $1,318.70 at the end of the fourthquarter.
Thefilings show Paulson's fund was also exposed to gold through stakes inproducers Agnico Eagle Mines Ltd., AngloGold Ashanti Ltd., Iamgold Corp., NovaGoldResources Inc., Randgold Resources Ltd. and Seabridge Gold Inc.
Bridgewaterwas also exposed to the mining sector through stakes in Agnico Eagle MinesLtd., AngloGold Ashanti Ltd., B2Gold Corp., Barrick Gold Corp., Eldorado GoldCorp., Franco Nevada Corp., Freeport McMoRan Inc., Gold Fields Ltd., GoldcorpInc., Kinross Gold Corp., Kirkland Lake Gold Ltd., New Gold Inc., NewmontMining Corp., Randgold Resources Ltd., Rio Tinto PLC, Royal Gold Inc., SibanyeStillwater, Tahoe Resources Inc., Teck Resources Ltd., Turquoise Hill ResourcesLtd., Vale S.A., Wheaton Precious Metals Corp. and Yamana Gold Inc.
By Allen SykoraFor Kitco News
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