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Complete Paulson Q1 Holdings Breakdown, And How Soros Sold His Gold... Two Months Ago

Tyler Durden's picture




 

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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Mon, 05/16/2011 - 20:02 | 1281135 Bazooka
Bazooka's picture

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.

Mon, 05/16/2011 - 20:55 | 1281263 Slash
Slash's picture

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.

Mon, 05/16/2011 - 21:51 | 1281488 Tater Salad
Tater Salad's picture

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!

 

 

Mon, 05/16/2011 - 22:21 | 1281601 sellstop
sellstop's picture

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

Tue, 05/17/2011 - 00:19 | 1281916 Sophist Economicus
Sophist Economicus's picture

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

Tue, 05/17/2011 - 00:30 | 1281954 fencejumper
fencejumper's picture

On what do you bias your opinion of Soros?

Mon, 05/16/2011 - 22:58 | 1281712 Math Man
Math Man's picture

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.

 

 

Mon, 05/16/2011 - 23:09 | 1281742 ViewfromUnderth...
ViewfromUndertheBridge's picture

Having read all of Soros's books I greatly prefer the other founder of Quantum...

Tue, 05/17/2011 - 20:06 | 1285312 Anonymouse
Anonymouse's picture

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.

Mon, 05/16/2011 - 23:46 | 1281846 I am a Man I am...
I am a Man I am Forty's picture

LMAO, 401k's are going to go down the drain, mutual funds are such a joke

Mon, 05/16/2011 - 20:08 | 1281143 HamyWanger
HamyWanger's picture

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. 

Mon, 05/16/2011 - 20:16 | 1281163 JohnG
Mon, 05/16/2011 - 20:32 | 1281215 wirtschaftswunder
wirtschaftswunder's picture

How'd that big Sprott insider sale strike ya funny bone?

Mon, 05/16/2011 - 22:01 | 1281542 tmosley
tmosley's picture

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.

Mon, 05/16/2011 - 22:20 | 1281574 wirtschaftswunder
wirtschaftswunder's picture

More bullshit. You can't prove it but you sure love the smell of your own farts.

 

 was reinvested in silver or silver equities,” he said.

 

"He said". You obviously aren't in sales.

Mon, 05/16/2011 - 22:32 | 1281648 wirtschaftswunder
wirtschaftswunder's picture

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.

Mon, 05/16/2011 - 20:17 | 1281167 Watts_D_Matter
Watts_D_Matter's picture

Geez, are you retarded or were you taken off of a life support machine at an early age?

Mon, 05/16/2011 - 21:40 | 1281458 Muir
Muir's picture

@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!

Tue, 05/17/2011 - 01:52 | 1282094 longorshort
longorshort's picture

God your not gone yet.  Worthless piece of flyshit.

Mon, 05/16/2011 - 20:17 | 1281175 penisouraus erecti
penisouraus erecti's picture

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.

Mon, 05/16/2011 - 21:11 | 1281326 downwiththebanks
downwiththebanks's picture

"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.

Mon, 05/16/2011 - 22:30 | 1281632 zen0
zen0's picture

Buy you dips.

Tue, 05/17/2011 - 15:44 | 1284330 RockyRacoon
RockyRacoon's picture

I'm buying.  I'm buying.   You dip.

Sorta scary about all the investment in paper!

Where do loyalties actually lay?

...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.

Mon, 05/16/2011 - 20:13 | 1281155 Mike7.62
Mike7.62's picture

I wonder HOW he "liquidated" his GLD holdings. Large investors are allowed to take delivery of the physical metal.

Mon, 05/16/2011 - 20:20 | 1281181 wirtschaftswunder
wirtschaftswunder's picture

Yeah, he's gonna wheelbarrow it down to that coin dealer with the clown on the sidewalk during the blade runner days.

Mon, 05/16/2011 - 20:33 | 1281212 Creed
Creed's picture

wirtschaftswunder

I see the rumor of your demise was somewhat exagerated.

Mon, 05/16/2011 - 20:35 | 1281222 wirtschaftswunder
wirtschaftswunder's picture

Probably exaggerated by some legless silver hump.

Mon, 05/16/2011 - 20:51 | 1281258 instinctiveDrift
instinctiveDrift's picture

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?

Mon, 05/16/2011 - 21:31 | 1281353 Fedophile
Fedophile's picture

HFT.

 

GLD holdings down ~35t (1125k toz).

Mon, 05/16/2011 - 21:28 | 1281405 goldenboy
goldenboy's picture

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.

Mon, 05/16/2011 - 20:11 | 1281157 penisouraus erecti
penisouraus erecti's picture

The puppet-master pulling his strings......

Mon, 05/16/2011 - 20:12 | 1281161 goldenboy
goldenboy's picture

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.

Mon, 05/16/2011 - 20:15 | 1281170 Tim Knight from...
Tim Knight from Slope of Hope's picture

Those 25 million shares of HPQ aren't going to help them tomorrow.

Mon, 05/16/2011 - 20:34 | 1281213 wirtschaftswunder
wirtschaftswunder's picture

00.18 PERCENT hit to net worth if all things hold. It's like a glass of water on Fukashima.

Mon, 05/16/2011 - 22:24 | 1281615 Hephasteus
Hephasteus's picture

The gun is good. The penis is evil.

Mon, 05/16/2011 - 20:36 | 1281218 Shell Game
Shell Game's picture

My SOXS should do well tomorrow.

Mon, 05/16/2011 - 20:46 | 1281244 anynonmous
anynonmous's picture

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

Mon, 05/16/2011 - 21:08 | 1281320 buzzsaw99
buzzsaw99's picture

Be careful or the inter-shloper will claim he went short in size last Friday. lulz

Mon, 05/16/2011 - 21:11 | 1281328 lizzy36
lizzy36's picture

My guess is real.

He should be welcomed. Enjoy his work.

Mon, 05/16/2011 - 21:18 | 1281373 fuu
fuu's picture

<hat tip>

Mon, 05/16/2011 - 20:18 | 1281177 sleestak
sleestak's picture

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.

Mon, 05/16/2011 - 20:22 | 1281190 johny2
johny2's picture

please do not feed the trolls.

Mon, 05/16/2011 - 21:31 | 1281421 Muir
Muir's picture

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.

 

Mon, 05/16/2011 - 22:08 | 1281572 sellstop
sellstop's picture

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

Mon, 05/16/2011 - 22:12 | 1281583 sellstop
sellstop's picture

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

 

Mon, 05/16/2011 - 22:19 | 1281607 Hephasteus
Hephasteus's picture

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.

Tue, 05/17/2011 - 00:30 | 1281943 Sophist Economicus
Sophist Economicus's picture

Are your a frustrated homosexual from the East Village?

Mon, 05/16/2011 - 23:51 | 1281854 earnyermoney
earnyermoney's picture

He's connected not savy. Easy to make money when you know the outcome of your bets.

Mon, 05/16/2011 - 22:23 | 1281621 johny2
johny2's picture

neither a borrower, nor a lender be.

Tue, 05/17/2011 - 01:55 | 1282097 longorshort
longorshort's picture

Shutup you attention slut.  You never offer one good piece of advice to this board just endless babble babble babble. Shut the hell up.

Mon, 05/16/2011 - 20:28 | 1281209 bob_dabolina
bob_dabolina's picture

When was the idea dinner on Bank of America? 

Mon, 05/16/2011 - 20:48 | 1281250 Blorf
Blorf's picture

Citigroup?  Really?

Mon, 05/16/2011 - 20:51 | 1281251 PulauHantu29
PulauHantu29's picture

Financials are Toast ...until The Bernank announces another QE3 of over $1.5 trillion + Bail for DSK.

Mon, 05/16/2011 - 21:07 | 1281322 israhole
israhole's picture

"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.

Mon, 05/16/2011 - 21:27 | 1281393 Lord Koos
Lord Koos's picture


"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.

Mon, 05/16/2011 - 22:37 | 1281656 zen0
zen0's picture

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?

Mon, 05/16/2011 - 23:01 | 1281726 acrabbe
acrabbe's picture

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...

Mon, 05/16/2011 - 21:30 | 1281403 PulauHantu29
PulauHantu29's picture

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.

Mon, 05/16/2011 - 21:37 | 1281434 Muir
Muir's picture

Exactly!

BTFDs!

 

Tue, 05/17/2011 - 01:57 | 1282103 longorshort
longorshort's picture

Junk this bitch, always stupid posts like this every single fucking one.

Tue, 05/17/2011 - 01:57 | 1282104 longorshort
longorshort's picture

Junk this bitch, always stupid posts like this every single fucking one.

Mon, 05/16/2011 - 23:08 | 1281738 sellstop
sellstop's picture

Let me get this right. You are using the actions of CENTRAL BANKS to justifiy your love for gold????

Central Banks?

gh

Tue, 05/17/2011 - 04:11 | 1282204 jeff montanye
jeff montanye's picture

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. 

Tue, 05/17/2011 - 04:12 | 1282205 jeff montanye
jeff montanye's picture

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. 

Tue, 05/17/2011 - 04:15 | 1282206 jeff montanye
jeff montanye's picture

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. 

Mon, 05/16/2011 - 23:09 | 1281753 tiger7905
tiger7905's picture

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

Mon, 05/16/2011 - 21:50 | 1281495 Bansters-in-my-...
Bansters-in-my- feces's picture

Wirthscaftwunder takes it up the keynesian ass,and loves it.....

Fucking troll.....fuck off

Mon, 05/16/2011 - 22:07 | 1281560 Bansters-in-my-...
Bansters-in-my- feces's picture

...Spelling correction....
should read....
Wirtschaftswunder takes it up the Keynesian ass and loves it.
Ps....
Hamy.....wipe that cum off your chin.

Mon, 05/16/2011 - 23:00 | 1281724 monkeys.pick.bottoms
monkeys.pick.bottoms's picture

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.

Mon, 05/16/2011 - 23:07 | 1281746 acrabbe
acrabbe's picture

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

Tue, 05/17/2011 - 01:13 | 1281989 bruinjoe93
bruinjoe93's picture

@sellstop You smoking crack when you read zerohedge?  How did you link Tater's comment and Christianity?

Tue, 05/17/2011 - 01:19 | 1282041 nathan1234
nathan1234's picture

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.

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