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Q: What did George Soros, John Paulson and central banks all have in common in the second quarter of 2012?  

A: They all bought lots of gold investments!


From the World Gold Council report:

Gold Demand Trends: Second Quarter 2012

"Demand for gold by central banks and official sector institutions accelerated during the second quarter. Gold reserves increased by 157.5 tonnes, the largest quarterly net purchase by this sector since it became a net buyer in Q2 2009. For the first half of the year, gold reserves increased by 254.2 tonnes, compared to 203.2 in H1 2011. Purchases continue to be concentrated among the central banks of developing nations, and reflect the need for reserve diversification by maintaining a strategic allocation to gold in reserve portfolios. This would suggest that as central banks accumulate foreign exchange reserves, both through intervention and exchange, their gold reserves will need to increase in order to maintain a proportional allocation."


From Bloomberg news:

Soros Fund Management more than doubled its investment into Gold exchange-traded commodities between April and June, an SEC filing for second-quater holdings showed yesterday.

The same report showed that Paulson & Co. increased its holdings, which represent the largest by value within the $21 billion hedge fund, by 26 per cent - taking the exposure to gold to over 44% of the total value of the fund.



Thursday August 16, 2012 by Robin Newbould