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News Link • Gold and Silver

Strange Times Indeed: Soros Buys the Miners?

• http://www.thedailybell.com, By Staff Report
We learn in this short article that billionaire investor George Soros is betting on mining stocks. "Very bullish," for gold, the article tells us. Here's more:

The Soros Investment Fund's 13F filing does indeed show the sale of 12 per cent of his total investment in GLD. But it also reveals that he then used $40 million of that cash to buy shares of the Market Vectors Gold Miner Major ETF (GDX).

Then he also bought $25 million worth of call options on the Market Vectors Gold Miner Junior ETF (GDXJ). As all gold mining stocks are leveraged plays on the price of gold and the juniors are the most leveraged bet of all, this is very bullish. The second investment in the juniors is about as bullish on the gold price as anybody could get.

How typical of Mr. Soros to put the cat among the pigeons again. He likes of course to throw up a smokescreen in one direction while moving off in another. The true mark of the master trader ...

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