Soros Boosts GLD Stake

Billionaire investor George Soros has increased his stake in the SPDR Gold Shares GLD, the world's second-largest ETF by assets, by about half a percent, Bloomberg News reported, citing recent filings with the Securities and Exchange Commission. At the end of last year, Soros owned about $655 million worth of GLD. He also owned five million shares of the iShares Gold Trust IAU, the iShares rival to GLD. Soros Fund Management, which has $27 billion in assets under management, also held stake in gold miners such as Kinross Gold KGC and Novagold Resources NG at the end of 2010.