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Posts Tagged ‘US Banks’

Paulson, Soros selling out of their bets

In Banks, Gold on 18/11/2010 at 5:32 am

As of the end of the third quarter, John Paulson had reduced his stake in Bank of America by about 30 million shares, to 137.8 million shares. And he cut his holdings in Citigroup by about 82.7 million shares, to 424 million shares. He had been buying BoA in early 2009 juz when Temasek was cutting its losses, losing in the process “US$4.6 billion loss on a US$5.9 billion dollar investment” according to a CNBC report.

Looks like he is no longer bullish on US banks.

George Soros sold over half of one million shares of  SPDR Gold Trust to finish the quarter with 4.7 million shares. John Paulson maintained a 31.5 million share holding of the exchange traded fund through the quarter.

John Paulson remains bullish on gold while Soros is trimming his stake and laughing all the way to the bank. Remember he called gold a bubble in the making, and jumped into it earlier this year.

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