Brought into PXG 13c - TRY 83c looking for a strong bounce in PM sector
http://www.newsmax.com/Finance/georg.../16/id/589153/
"Soros nearly doubled his ownership in a U.S. gold-mining companies ETF and initiated new stakes in other gold producers, suggesting the big names in hedge funds continued to have confidence in the yellow metal, Reuters reports.
Soros Fund Management increased its stake in Market Vectors Gold Miners ETF to 2.05 million shares valued at $54 million at the end of the second quarter, compared with 1.16 million shares in the first quarter.
"Gold-mining stocks are considered relatively cheap. It also suggests that Soros may be thinking gold prices are near the bottom of the range," Bill O'Neill, partner at commodities investment firm LOGIC Advisors in New Jersey, told Reuters.
Soros also initiated new gold investments including 1.33 million shares in call options of the Gold Miners ETF valued at $35 million, and 1 million equity shares in Allied Nevada Gold Corp.
"Gold has become increasingly attractive to hedge-fund managers who are long-term investors as real interest rates remain negative," said Axel Merk, a Moneynews Insiderand chief investment officer of the $400 million Merk Funds, a family of currency mutual funds and the Merk Gold Trust, a gold ETF.
Investors pay close attention to the quarterly filings because they provide the best insight into whether the so-called smart money has changed its sentiment toward gold as a hedge against inflation and economic uncertainty.
In September 1992, Soros made at least $2 billion on his shorting of the English pound forced the Bank of England to devalue the currency and leave the European Exchange Rate Mechanism (ERM).