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Heavyweight Investors Soros, Paulson Still Love Gold

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Gold continues to look good.

So says Gluskin Sheff’s David Rosenberg in his most recent research report, emphasizing that the yellow metal – as well as silver, in fact – would appear attractive in an environment of ever-declining faith in the integrity of the global financial system.

Rosie isn’t alone in his enthusiasm for the barbarous relic. Bloomberg reports today:

“Gold’s 23 percent surge this year to a record is proving no deterrent to George Soros, John Paulson and Paul Touradji, whose investments signal more gains for the longest winning streak in at least nine decades.

Securities and Exchange Commission filings this month by Soros Fund Management LLC, Paulson & Co. and Touradji Capital Management LP listed investments in gold as their biggest holdings.”

Soros Fund Management, which manages about $27 billion of assets, cut its holding in the SPDR Gold Trust in the third quarter, and bought a stake in iShares Gold Trust. Soros listed NovaGold Resources and Kinross Gold among his fund’s 10-biggest holdings.

Paulson & Co., which manages $33 billion of assets, is the largest investor in the SPDR Gold Trust and Johannesburg-based AngloGold Ashanti Ltd., Africa’s biggest producer.

Touradji Capital Management maintained a holding worth about $88 million in Barrick Gold. New York-based Paul Touradji also bought a stake worth $1.7 million in Freeport-McMoRan Copper & Gold.

As we write here in the early afternoon, gold is up 0.5% to $1,358, although still well below its November 9 peak of $1,424. How could gold get back some its shine? We tackled the question in our recent article, "How Gold Regains Its Luster."
POSITION:  No positions in stocks mentioned.