Billionaire Soros scoops up $264 million stake in world’s largest gold miner
Cecilia Jamasmie | 2 days ago | 4,467 | 7
www.mining.com/billionaire-soros-scoops-up-264-million-stake-in-worlds-largest-gold-miner/
After three years of not buying gold, Soros Fund Management, a company founded by legendary hedge fund billionaire George Soros, is not only back to acquiring the precious metal, but has grabbed a US$264 million stake in Barrick Gold (TSX,NYSE:ABX).
The fund disclosed that it now owns 19.4 million shares in the world’s No. 1 gold miner, equivalent to a 1.7% stake in the company. That makes of Barrick the fund’s biggest US-listed holding.
It also bought bullish options contracts on 1.05 million shares in the SPDR Gold Trust, which tracks the price of bullion.
According to a government filing Monday, the firm also bought bullish options contracts on 1.05 million shares in the SPDR Gold Trust, which tracks the price of bullion.
The fund, currently structured as a privately owned family office, also took out a new 1 million share stake in the first quarter in precious metals streaming company Silver Wheaton (TSE, NYSE:SLW), CNBC reports.
Gold prices climbed 16% in the first three months of the year, the biggest quarterly surge since 1986. Shares in Barrick have more than doubled this year as the miner steps up cost-cutting efforts and reduces debt. The company is so far one of the best performers on the Toronto Stock Exchange.
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