George Soros Cashes in on Gold Trade, Cuts Holdings by $750 Million+ (GLD, IAU)

George Soros' fund Soros Fund Management has cashed in on an enormous gold trade, securities filings show Monday. The billionaire investor's fund cut its holdings in the SPDR Gold Trust GLD and iShares Gold Turst IAU by more than $750 million, according the the December filing. A Reuters report notes that "The gold ETF positions were valued at over $774 million at the end of the fourth quarter, by far the firm's largest position at that time. At the end of the first quarter, the remaining gold position was worth less than $7 million." Spot gold peaked above $1,500 an ounce in recent weeks, but has since receded below that mark. Many investors speculated in the boom, but some economists point to a bubble-like environment. Still, with inflation and global economic uncertainty an emerging concern, gold is likely to keep its appeal. The Wall Street Journal earlier reported that Soros had sold gold and silver investments built up over the previous year.