Futures Market News
Well-known investors purchased gold during bearish quarter
Aug 16, 2012 11:24 AM
High-flying investors George Soros and John Paulson increased their interest in gold-supported exchange-traded funds during the second quarter, when the yellowish metal happened to endure its poorest quarterly performance in about four years, according to Bloomberg.
Soros Fund management at least doubled their stake in the SPDR Gold Trust between the final days of the first and second quarters, federal filings indicate. Paulson & Co, boosted its interest to 21.8 million shares, a 26 percent gain. But gold futures lost about 4 percent during the April-May-June period, representing bullion's biggest losses since the third quarter of 2008.
"People expect prices to rise in the third quarter since historically it has been proved that it's one of the best periods for gold, and investors who see easing coming in from various central banks are either increasing or holding on to their positions," chief market strategist Donald Selkin with National Securities Corp. told Bloomberg.
At 9:16 p.m. on Thursday, gold futures climbed 0.14 percent, a $2.30 gain to $1,608.90 per troy ounce.
Investors are keeping a close eye on Fed chief Ben Bernanke, who is scheduled to convene later this month with staff at the yearly symposium in Jackson Hole, Wyoming, according to CNBC.
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