"I dont understand Gold anyway all we do is spend millions trying to find something then melt it into bars and store it underground where it came from in the first place!!" comments sections rule. informed opinion.
Irrelevant in the grand scheme of things. His loss... EDIT: Although thinking about it, I guess he was just taking profits after the big run up. Maybe he thinks it's going into a slow consolidation phase so is ducking out for awhile...
His loss, our win. People with weak hands will follow Soros and sell and push the price of Gold down slightly so we can all hoard more . $800 million isn't much either in the grand scheme of things, central banks are buying in billions(!) of this stuff in a month.
Followed one of his Quantum funds on an ASX-listed security, barely got out in time before it dropped over 15%. Still made a profit though. They still hold 10%+ of the stock so its not likely they were shorting it (unless some Twilight-Zone-derivative was involved). My point is, Soros may look invincible but may be there may be a few kinks in that armor.
Since he sold his gold in the 1st quarte the price never has been bellow on his selling price. Actually went up more the in the following few wees than the entire pervious 12 month earlier.
The article (and the post heading) are misleading. He sold his shares in GLD, not bullion. Just like the reporting before when he said that gold was the 'ultimate bubble', he did not say it was in a bubble at that time, which is the way the media reported his statement.
$800 mill of paper gold is aroudn 533k oz of paper gold oz. He probably used the proceeds of the sale to buy 500k oz of physical gold.