Soros cuts position in 'ultimate asset bubble' gold

George Soros, who has described gold's spike as the "ultimate asset bubble", has cut his holdings in the SPDR Gold Trust for a third quarter.

Soros Fund Management sold 547,689 SPDR Gold shares in the third quarter, which represents 10% of its holding, according to Bloomberg calculations. While it follows sales in the first two quarters, Soros' position in the SPDR Gold Trust remains his largest individual holding. The gold price has surged this year, as investors seek a safe haven against strong currency volatility and a possible return of inflation on the huge amounts of quantitative easing. Soros, who made about $1bn by ‘breaking the pound' in 1992, described gold as a bubble in January, Reuters reported. However, ...