Business, Economics and Jobs

George Soros gets out of gold


George Soros, founder and chairman of the Open Society Institute and a billionaire investor, attends a forum addressing the global response to the flood in Pakistan at the Asia Society August 19, 2010 in New York City.


Spencer Platt

George Soros no longer likes gold.

The billionaire financier sold off almost his entire $800 million stake in gold bullion in the first quarter, Reuters reports.

The move isn't a huge surprise. Soros, after all, has called gold "the ultimate bubble."

Nor is Soros alone in his recent unease over the shiny precious metal.

Hedge fund investors Eric Mindich and Paul Touradji were also big gold sellers in the period, according to 13-F filings with the U.S. Securities and Exchange Commission cited by Reuters.

Famed gold bull John Paulson has reportedly held on to his positions.

Soros cut his holdings in the SPDR Gold Trust from $655 million to just $6.9 million by the end of first quarter. He also sold off a 5 million share stake in the iShares Gold Trust, the filings showed.