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Complete Paulson Q1 Holdings Breakdown, And How Soros Sold His Gold... Two Months Ago
Below is a chart summarizing all the moves in the Paulson & Co. just released 13F. The total equity AUM increased to $34.6 billion, pushing the hedge fund further into mutual fund territory. The key addition in the fund was 25 million shares in Hewlett Packard, or roughly $1 billion, a position which is since at least 3% underwater. Other key additions included 17.3 million shares in Transocean (a 240% increase), which made the total stake worth nearly $2 billion and is now the 3rd largest Paulson holding, and make the fund the firm's largest holder: a move most likely predicated by expectations of an acquisition. Of course, RIG has been no stranger to the M&A/LBO arena, and should crude drop further, this could be another largely wrong way bet. Other major additions included a 6 million share stake in Lubrizol, and a $780 million new stake in Weyerhaeuser, in keeping with the fund's recent addition of paper stocks. In that vein, Paulson also added $353 million worth of Smurfit-Stone: a new position, and added 10 million shares to his holding of International Paper. Gold continues to be the fund's largest exposure: GLD, for the gold denominated share class (unchanged), and at number 2 Anglogold Ashanti, at $2 billion. Just like Tepper, Paulson reduced his holdings of Citi, Bank of America and SunTrust. The firm cut its entire holding of Alcoa, Pfizer, Del Monte, McAfee and Walter Energy.
A full breakdown is on the chart below, with bold indicating additions, Green highlighting new positions, and red showing reductions/cuts.
And elsewhere we learn that Soros cut his gold holdings not two weeks ago as was speculated, but 2 months ago. It is thus oddly convenient for the Soros sale rumor to emerge only in the first week of May, just as the market needed a catalyst to push precious metals over the cliff. We can't help but wonder what Soros' Q2 holdings will indicated vis-a-vis a gold position accumulation. Then again, those will be released on August 15, and by then the world may well be over.
From Dow Jones:
Soros decreased his holdings of the SPDR Gold Trust (GLD), a gold-backed exchanged-traded fund, by 4.7 million shares to 49,400 shares, valued at $6.9 million at March 31. The fund also cut its stake in mining company NovaGold Resources Inc . (NG, NG.T) by 9.4 million shares. The position was valued at $45.4 million on March 31. Soros disclosed these position changes in a filing with the Securities and Exchange Commission late Monday.
Soros, who famously dubbed gold "the ultimate asset bubble," was one of several big money managers who loaded up on gold, silver and other precious metals over the past two years amid weakness in the U.S. dollar. Earlier this month, however, The Wall Street Journal said Soros and some other leading investment firms sold gold and other metal stocks.
Soros had bought gold to protect against possible deflation, or a sustained drop in consumer prices, though the $28 billion fund now believes there is a reduced chance of such a condition, the Journal said, citing people close to the matter.
Soros makes it a trifecta of managers who are bailing on financials:
Soros slashed his stakes in financials including Bank of America and J.P. Morgan . The fund lowered its Bank of America holding by 1.2 million shares and now owns 29,400 shares. Soros sold 378,050 shares of J.P. Morgan , leaving him with 624,600 shares.
In contrast, his firm tripled its stake in Citigroup to 29.4 million shares. Soros's stake in Wells Fargo climbed six-fold to 3.5 million shares.
At the end of the day all of this data is pretty much irrelevant as anyone who trades based on 1.5 month stale hedge fund holdings deserves to lose all their capital.
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Mutual funds have less than 3.4% in cash...a record low!!
Dividend yield is extremely bearish, has been for quite a while.
S&P is at the precipice of a collapse and the mad dash for the exits will be swift and quite a show.
agreed. Commodities have been choppy/moving sideways/already rolling over since......well about 2 months or more ago. Pricing in the end of QE 2. Flawless timing on Soros's part as usual. He'll probably be getting back in later this year/sometime next year when the sheeple are begging for the government to take on more debt and for QE 3 so their pittance of 401k's look good nominally.
the only timing that will be celebrated in Soros' life will be his death. He's a secular, progressive lump of shit. With powdered sugar of course!
Progressive.
Like progress, right?
Secular, like doesnt believe in myths of gods and devils, right.
Yea. Hate him. That what GOD wants!
Hate HIM!!!
Yes. He is EVIL!!!
Hate HIM!!!!
HHHAAAATTTTEEEE!!!!
Hate. That is the Christian thing.
gh
Deep breaths now. I'm sure Soros will leave money to all sorts of causes that will keep the stupid and the poor dependent upon the like of you for years to come. Your 'public service' job in social services or government or out reach or NGO or non-profit is probably secure.
But if in doubt, you might want to consider a less 'progressive' job that creates something for humanity .vs. sponging off of it
On what do you bias your opinion of Soros?
And elsewhere we learn that Soros cut his gold holdings not two weeks ago as was speculated, but 2 months ago. It is thus oddly convenient for the Soros sale rumor to emerge only in the first week of May, just as the market needed a catalyst to push precious metals over the cliff.
Just because he was out in March doesn't mean he wasn't ALSO selling in May...
This means he is most likely now SHORT.
Having read all of Soros's books I greatly prefer the other founder of Quantum...
I saw an interview with Jim Rogers about a month ago (probably on Glenn Beck, but I don't recall). Rogers was asked about his view on Soros. He didn't say much but his body language could have filled the Encyclopedia Britannica.
LMAO, 401k's are going to go down the drain, mutual funds are such a joke
The Soros liquidation is the harbinger of a coming mass slaughter of doomer goldbugs. There will be hectoliters of hemoglobin and skull fragments in the Sprott silver funds next month, as the spot price finally dips under 20.
http://trololololololololololo.com/
How'd that big Sprott insider sale strike ya funny bone?
What did he buy with the proceeds?
But then, a crackhead like you couldn't be expected to know that.
Here's a hint: silver miners and physical silver.
More bullshit. You can't prove it but you sure love the smell of your own farts.
"He said". You obviously aren't in sales.
Elsewhere, Sprott was trimming stakes in Barrick Gold (NYSE: ABX - News), Golden Minerals (AMEX:AUMN - News), Alexco Resource (AMEX: AXU - News), Claude Resources (AMEX: CGR - News), IAMGold(NYSE: IAG - News) and Exeter Resource (AMEX: XRA - News). Sprott was reducing its largest silver bets in the three months ended March 31. Sprott slashed its Silver Wheaton (NYSE: SLW - News) and First Majestic Silver (NYSE: AG - News) stakes during the period, but the latter was nonetheless the firm's second-largest equity holding heading into Q2.
Geez, are you retarded or were you taken off of a life support machine at an early age?
@Hammy
"The Soros liquidation is the harbinger of a coming mass slaughter of doomer goldbugs. There will be hectoliters of hemoglobin and skull fragments in the Sprott silver funds next month, as the spot price finally dips under 20. "
___
Smeagol: Mustn't go that way! Mustn't hurt the Precious!
God your not gone yet. Worthless piece of flyshit.
OMG....people are gonna die, the sick, the elederly - being separated from their medicare and obamacare as we speak, oh the humanity!!!!......, oh wait, wrong article to post the DNC talking points in, so sorry.
"Austerity for EVERYONE! Liquidate Everything!"*
------
*just don't touch the welfare Uncle Sam gives to the banker-gangsters. They give me doggie biscuits when I lick their shoes. I like doggie biscuits.
Buy you dips.
I'm buying. I'm buying. You dip.
Sorta scary about all the investment in paper!
Where do loyalties actually lay?
I wonder HOW he "liquidated" his GLD holdings. Large investors are allowed to take delivery of the physical metal.
Yeah, he's gonna wheelbarrow it down to that coin dealer with the clown on the sidewalk during the blade runner days.
wirtschaftswunder
I see the rumor of your demise was somewhat exagerated.
Probably exaggerated by some legless silver hump.
Interesting point. 4.7M shares @~145/share = 686M or roughly 454k toz.
How does a buyer of size buy large amounts without impacting price?
Any evidence of withdrawals from GLD in the neighborhood of 450k toz during that time frame?
HFT.
GLD holdings down ~35t (1125k toz).
Physical Gold poured out of the SPDR in Q1 as those with enough money to have purchased and hold minimum 100K shares redeemed each basket (of said 100K paper) for bullion via the BB authorized participant route. Bloomberg publishes a weekly update of known 'Gold Holdings by Exchange Traded Funds'. I think you'll find all the info you seek there.
The puppet-master pulling his strings......
Lots of recent paper liquidation, as the run on the BB and ETF physical heats up. Determined tight-lipped stance by those who'd rather not reveal -for their friends' sake- what is actually going on.
Those 25 million shares of HPQ aren't going to help them tomorrow.
00.18 PERCENT hit to net worth if all things hold. It's like a glass of water on Fukashima.
The gun is good. The penis is evil.
My SOXS should do well tomorrow.
you're the real Tim Knight or just a bear in Tim's clothing?
my guess is the real one based on your first and only other comment
Be careful or the inter-shloper will claim he went short in size last Friday. lulz
My guess is real.
He should be welcomed. Enjoy his work.
<hat tip>
Could be, but then, I'd rather own precious metals than stocks from here out. When the banks really blow (the likelihood of which is the more important take away from today's hedgefund holdings reports) the Fed will be powerless to save them again without ensuring the final hyperinflationary episode for the USD and your paper assets will be worth exactly what you can get for them at the recycling center.
please do not feed the trolls.
As I have said many times, it is easy to second guess, Monday morning quarterback and seem intelligent with 20/20 hindsight, but those that stay the course and hold true with precious, will be richly rewarded.
On the other hand, the apostates, heretics and blasphemers of the precious will surely suffer an almost indescribable agony of pain and retribution.
Yea, its also easy to make predictions for the future based on an religious-like conviction for something to happen.
I also am one to take profits when they seem big enough. I don't try to time the top or the bottom of a move anymore.
If Soros bought a few years ago, he has a good profit on his gold. I'm sure the man is savvy. Why does the right wing hate Soros. I can't figure that out. Is it because he thinks that the rich, who have profited from the financial infrastructure have a responsibility to pay taxes and support the system that makes it possible for poor people to make it?
The man made his money by himself. I can respect that.
gh
Oh, I forgot. The End Is Coming.
Only the holders of GOLD and SILVER will b e among the annointed.
Yes, God sayeth that it is easier for a man with many ounces of GOLD to enter the Kindom of Heaven, than for a poor slob who just goes to work each day and trys to make ends meet.
Yea verily,
gh
Oh look a god who calls himself the king of kings wanting his subjects to be poor.
That's different.
Oh wait. It's toooootally not.
Are your a frustrated homosexual from the East Village?
He's connected not savy. Easy to make money when you know the outcome of your bets.
neither a borrower, nor a lender be.
Shutup you attention slut. You never offer one good piece of advice to this board just endless babble babble babble. Shut the hell up.
When was the idea dinner on Bank of America?
Citigroup? Really?
Financials are Toast ...until The Bernank announces another QE3 of over $1.5 trillion + Bail for DSK.
"At the end of the day all of this data is pretty much irrelevant as anyone who trades based on 1.5 month stale hedge fund holdings deserves to lose all their capital."-ZH
You got that right, especially Soros' 1.5 month old reports.
"Soros decreased his holdings of the SPDR Gold Trust (GLD), a gold-backed exchanged-traded fund, by 4.7 million shares to 49,400 shares, valued at $6.9 million at March 31."
Let's be real here. This is piss-ant money to Soros. With central banks buying by the hundreds of tons,$7,000,000 worth of gold isn't very much at $1500 an ounce. It would be less than two tons physical and would be a tiny fraction of his investments. He just took some profits, doesn't mean gold's bull run is over.
ya, but if he takes his profits now, he either has left the market or thinks he can buy in some more at a lower price in what is a bull market. Either way, if you do not sell the top, you are just churning, are you not?
Your math is wrong here Koos. Soros "took profits" to the tune of $7B worth of gold. the $6.9MM is what he has left...
You might mention during this same time Mexico added 90 Tons of gold, Russia added xx tons...and so on just to give the article a little more balance to the flamboyant Soros's actions.
Exactly!
BTFDs!
Junk this bitch, always stupid posts like this every single fucking one.
Junk this bitch, always stupid posts like this every single fucking one.
Let me get this right. You are using the actions of CENTRAL BANKS to justifiy your love for gold????
Central Banks?
gh
mexican central bank that previously has followed obediently behind the fed and still holds most of its reserves in dollars. to buy 100 tons of gold (most of its current holdings) is news.
the pattern here is the ponzi/cartel of the "advanced" world (u.s., japan, europe) trying to hold onto the dollar (euro, yen) reserve world while the "developing" world (brazil, russia, india, china, opec, korea, taiwan, etc.) begins changing from paper reserves to metals.
note the possible upcoming introduction of monetary silver in mexico, possibly as soon as the fall.
mexican central bank that previously has followed obediently behind the fed and still holds most of its reserves in dollars. to buy 100 tons of gold (most of its current holdings) is news.
the pattern here is the ponzi/cartel of the "advanced" world (u.s., japan, europe) trying to hold onto the dollar (euro, yen) reserve world while the "developing" world (brazil, russia, india, china, opec, korea, taiwan, etc.) begins changing from paper reserves to metals.
note the possible upcoming introduction of monetary silver in mexico, perhaps as soon as the fall.
mexican central bank that previously has followed obediently behind the fed and still holds most of its reserves in dollars. to buy 100 tons of gold (most of its current holdings) is news.
the pattern here is the ponzi/cartel of the "advanced" world (u.s., japan, europe) trying to hold onto the dollar (euro, yen) reserve world while the "developing" world (brazil, russia, india, china, opec, korea, taiwan, etc.) begins changing from paper reserves to metals.
note the possible upcoming introduction of monetary silver in mexico, perhaps as soon as the fall.
Sprott comments at Skybridge alternative conference that people will start actively moving out of banks and into the reserve currency, gold.
http://goldandsilverlinings.com/?p=998
Wirthscaftwunder takes it up the keynesian ass,and loves it.....
Fucking troll.....fuck off
...Spelling correction....
should read....
Wirtschaftswunder takes it up the Keynesian ass and loves it.
Ps....
Hamy.....wipe that cum off your chin.
I am unclear about a minor detail: Did Soros sell his gold or did he sell his paper gold certificates? If we are waiting for the market to become real wouldn't it suggest the price of paper gold is going down and the physical becomes more expensive? Maybe Soros' move confirms the end is nigh for paper.
There's gotta be someplace to find GLD basket redemptions. They are redeemed by the Authorized Dealers, which are usually large commercial and investment banks. The data would be proprietary I believe, and nonreportable until a quarterly or annual statement. Depending on where the redemptions are processed, which would be bullion from multiple sources, certainly not COMEX. GLD would have access to "allocated and unallocated" gold from multiple locations, given that its reported ounces do not really exist in their stated location. It's either a big redemption or he's taking profits before a major deflationary event and plans to buy back later this year for the final moonshot.
http://slv.collective2.com
@sellstop You smoking crack when you read zerohedge? How did you link Tater's comment and Christianity?
Soros has just transferred his gold holdings. Shown it as a sale to influence gold prices ( pick up more in the other accounts. At this level it is very easy to mask investments. Derivatives help take care of these manipulations and understanding between individual and firms.