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Druckenmiller Buys A Lot Of Gold

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Druckenmiller Buys A Lot Of Gold

Stan Druckenmiller is going big on gold.

Druckenmiller is one of the world’s most successful and respected traders. As a hedge fund manager from 1986 to 2010, he generated an incredible average annual return of 30%.

Druckenmiller was also George Soros’s right-hand man at Quantum, Soros’s famed hedge fund. Quantum’s now legendary 1992 trade shorting the British pound was Druckenmiller’s idea. It made Quantum about $1 billion. People say the trade “broke the Bank of England.”

Most professional investors preach diversification. But Druckenmiller says he’s successful because he’s not afraid to concentrate his bets when he really believes in a trade. He calls it “being a pig.”

Druckenmiller’s fund recently bought $300 million worth of SPDR Gold Trust (GLD), an ETF that tracks the price of gold. It’s a huge bet, even for a big-time trader like Druckenmiller. He put 20% of his fund’s money into this trade, and it’s his largest position.

Read the full article by Casey Research on their website here.

19-08-2015
Gold in EUR - 1 Year

DAILY PRICES
Today’s Gold Prices: USD 1,123.20, EUR 1,017.71 and GBP 716.90 per ounce.
Yesterday's Gold Prices: USD 1,119.15, EUR 1,011.30 and GBP 714.13 per ounce.
(LBMA AM)

On Tuesday, gold finished trading with a small gain of 0.01% or $0.10, closing at $1,117.70/oz. Silver dropped 0.2.87% or $0.44, closing at $14.88/oz. 

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BREAKING NEWS

Gold marks time ahead of Fed minutes – Reuters
Gold Investors Eye Federal Reserve Minutes for Rate Rise Clues – Bloomberg
China Devaluation Sparks Gold Buying Everywhere — Except China – Bloomberg
Cash-Strapped Venezuela May Sell Off Gold, Citigroup Says – Bloomberg
Greece sells airports to Germans as Bundestag prepares for day of reckoning – The Telegraph

IMPORTANT COMMENTARY

This “Pig” Just Made a Massive Bet on Gold – Casey Research
Is Asian gold demand really low – or at an all-time high? – Lawrieongold
A Flyspeck of Gold versus Infinite Dollars – Moneda De Plata Para México
23 Nations Around The World Where Stock Market Crashes Are Already Happening – Zero Hedge
Unworkable and unreformable, the euro surely cannot survive another serious downturn – The Telegraph

Click on News and Commentary

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Wed, 08/19/2015 - 16:45 | 6445080 ToSoft4Truth
ToSoft4Truth's picture
Nazi gold train 'found in Poland'

 

http://www.bbc.com/news/world-europe-33994483

Wed, 08/19/2015 - 16:14 | 6444962 swass
swass's picture

I drunk''n Miller before.  Nothing like a golden High Life.

Wed, 08/19/2015 - 15:20 | 6444759 lasvegaspersona
lasvegaspersona's picture

Rumor (on the web...so it's gotta be right...right?) is that not everyone with 100,000 shares is allowed to have physical. You must be special.

The question is ...is Stanley that special? Does he have the AP connections to get delivery?

I think if he was serious about wanting gold he would buy bullion and find a secure place to store it.

Wed, 08/19/2015 - 13:19 | 6444248 epicurious
epicurious's picture

Obviously he can redeem in physical at that level.  So he has 20% in the etf what miners does he have?

Wed, 08/19/2015 - 13:13 | 6444224 Prober
Prober's picture

"Druckenmiller Buys A Lot Of Gold"

WRONG

Druckenmiller bought a lot of gold proxies and derivatives, NOT gold.

Wed, 08/19/2015 - 12:18 | 6443989 NoWayJose
NoWayJose's picture

But did he buy it 'fresh' to go long? Or did he buy it to cover a massive short he had on GLD?

Wed, 08/19/2015 - 11:41 | 6443829 NorthernPike
NorthernPike's picture

Perhaps this is a little test of Insurance not Gold?

Wed, 08/19/2015 - 11:44 | 6443824 NorthernPike
NorthernPike's picture

Duplicate Overwrite - More gold printing is needed.

Wed, 08/19/2015 - 11:25 | 6443749 katchum
katchum's picture

Wow, 8 tonnes, that's like chump change...

Wed, 08/19/2015 - 11:22 | 6443702 ThroxxOfVron
ThroxxOfVron's picture

Is that asshole Bungholio Duh Goldshiller pumping that shiny paper again without disclosure?

Your name is NOT Tyler Durden you SCHMUCK.

Why don't you just admit your job is selling Gold Forwards and Gold Storage for Bullion.conjob you scumbag?

 

 

https://www.linkedin.com/in/delandevoisin

"

 Bruno de Landevoisin

Managing Director North America

New York, New York
Mining & Metals

https://goldswitzerland.com/about-us/

Director U.S. Liaison Office GoldSwitzerland - MAM AG

2013 – 2014 (1 year)New York / Zurich

 

GoldSwitzerland - MAM AG offers institutional and UHNW clients the most secure platform for physical precious metals investment. In this unprecedented era of overt monetary debasement, we pride ourselves as true wealth preservationists who adhere to the most ardent principles of financial asset protection. 

LBMA certified bullion bars are allocated & segregated under direct individual client control and ownership, staged in ultra-safe private vaults strictly outside the global banking system, eliminating counterparty risk exposure. We vault bullion in an ultimate security state-of-the-art facility at an undisclosed location, situated deep in the Swiss Alps with substantial storage capabilities, where International central banks store their gold reserves.

Our ultra secure dedicated vaults are situated in Switzerland, a long standing democratic republic, a distinctively safe, stable and neutral country with a rich tradition of gold ownership and no historic incidence of asset confiscation."

Wed, 08/19/2015 - 10:54 | 6443614 decon
decon's picture

Recently GS and HSBC bought 7 tons of the shiny for themselves, not clients.  That's the story.

Wed, 08/19/2015 - 11:08 | 6443686 ramgold2206
ramgold2206's picture

@decon   source please.... thats important

 

 

Wed, 08/19/2015 - 10:44 | 6443577 ebworthen
ebworthen's picture

Correction:  Druckenmiller’s fund recently bought $300 million worth of promises.

Wed, 08/19/2015 - 13:56 | 6444392 SuperRay
SuperRay's picture

This is just a trade for him. He found a stock that was beaten down and now he's going to wait for the rubber band to snap back so he can sell it, take the profits and find something else. He's still of the ponzu mindset. Goldcore sure talks it up, doesn't it. He's a genius because he bought something remotely reminiscent of the barbaric relic. Hilarious

Wed, 08/19/2015 - 10:37 | 6443548 AGuy
AGuy's picture

I don't think PMs have hit rock bottom yet. I suspect that as a global market meltdown unfolds, that a lot of people that bought PMs (either paper or physical) will be forced to sell for one reason or another (ie pay mortgage, rent, food, etc). There are probably a large number of people in India and China that put there excess wages into PMs (instead of banks), but as the lose thier jobs they'll start taping their PM reserves to meet ends. Commodies in general continue to fall (copper, oil, iron ore, coal, etc) and its going to put a drag on PMs too.

Best option is to wait, at least until have the market begins is real retraction. Can't say that will be the bottom, but I believe it will offer better pricing.

 

 

Wed, 08/19/2015 - 10:16 | 6443481 Jameson18
Jameson18's picture

Your headline is in correct.

Druckenmiller’s fund recently bought $300 million worth of SPDR Gold Trust (GLD), an ETF.

They bought paper not gold.

Wed, 08/19/2015 - 14:49 | 6444630 topshelfstuff
topshelfstuff's picture

oh yeah, that headline is incorrect, misleading...

Wed, 08/19/2015 - 11:24 | 6443747 topshelfstuff
topshelfstuff's picture

GLD shares can be redeemed for gold but only for Holders of 100,000shs or more (the big shots).

The SPDR Gold Trust, often referred to just as GLD, allows for a shares-for-physical-gold exchange too, but it’s definitely not for the Average Joe investor.

GLD investors who have a position in excess of 1 basket—a set amount of shares, which for the GLD ETF is 100,000 shares—can exchange their shares for physical gold, according to Will Rhind, a managing director at the World Gold Council, an organization that sponsors the SPDR Gold Trust.

 

Wed, 08/19/2015 - 11:35 | 6443796 Jameson18
Jameson18's picture

Hey brain tease they don't really have the gold that's why its in an ETF. So he bought paper. Good luck collecting.

Wed, 08/19/2015 - 14:41 | 6444603 topshelfstuff
topshelfstuff's picture

I didn't create those words. I simply pasted off the SEC Archives page that explains the Legals on GLD. It doesn't matter to me if they have it or not. Its the Correct Info re: GLD, and not a Positive, since it only would refer to someone with 100K shs or more. You're probably right about the "good luck collecting", just think it helps to know what GLD "claims".

Actually Mr. D could ask for Delivery, in fact if he asked for Delivery and GLD Fails to Deliver, that would make for quite a story and reaction

 

Wed, 08/19/2015 - 17:52 | 6445193 Manthong
Manthong's picture

"GLD shares can be redeemed for gold but only for Holders of 100,000shs"

Good luck with that.

Maybe Germany should sell off their New York gold holdings to some sap country and just buy GLD and redeem the shares.

Since GLD is redeemable in size that should work just fine.

NOT!

Wed, 08/19/2015 - 10:02 | 6443408 ramgold2206
ramgold2206's picture

sure its fine for the pig to drop millions on a position when its not all his own ... but we all need a little personal bullion in our lifes too yet few of us have any dollars to acquire it with.. but there is a way...

 

 

www.teamramgold.com/about-us/

Wed, 08/19/2015 - 10:19 | 6443482 El Oregonian
El Oregonian's picture

"Druckenmiller Buys A Lot Of Gold"

CORRECTION:
Druckenmiller Buys A Lot Of Gold-colored toilet paper.

fixed.

Wed, 08/19/2015 - 16:28 | 6445029 Fukushima Fricassee
Fukushima Fricassee's picture

GLD is not GOLD

Wed, 08/19/2015 - 10:43 | 6443570 ebworthen
ebworthen's picture

Bingo!

Wed, 08/19/2015 - 11:11 | 6443699 Creepy A. Cracker
Creepy A. Cracker's picture

Has Druckenmiller started having sex with Yellen to keep "her" busy and away from the GLD monkey hammer?

Wed, 08/19/2015 - 17:25 | 6445188 Manthong
Manthong's picture

Correct Heading: Druckenmiller THINKS he bought a lot of Gold

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