George Soros Dumps Gold Holdings

George Soros, the billionaire who called Gold (NYSEARCA:GLD) the “ultimate asset bubble,” two years ago, has cut 99 percent of his holdings in the first quarter, shows Securities and Exchange Commission data.

Hedge fund managers John Paulson, Paul Touradji and Eric Mindich also sold bullion this year. While speculators in New York futures are the least bullish in 31 months, the Bloomberg median estimate, in a survey of 44 traders and analysts, is for prices to rally as much as 40 percent to $2,140 an ounce in 2012.

Gold prices declined 19 percent from a record close of $1,900.23 on Sept. 5, or 1 percentage point away from a bear market. Views diverged as some investors retreated to cash amid a $10 trillion slump in global equity values since May.

Meanwhile others bought more metal, taking holdings in exchange-traded products to an all-time high two weeks ago. Bullion’s 7.6 percent gain in 2011 means it’s on track to beat stocks, bonds and the dollar for a second straight year.

Here’s how these precious metals ETFs are trading today:

SPDR Gold Trust (NYSE:GLD): GLD shares recently traded at $150.05, up $0.96, or 0.64%. They have traded in a 52-week range of $22.64% to $. Volume today was 72.87B shares versus a 3-month average volume of N/A shares. The company’s trailing P/E is Commodities Precious Metals, while trailing earnings are $State Street Global Advisors per share.

iShares Silver Trust (AMEX:SLV): SLV shares recently traded at $26.56, up $0.77, or 2.99%. They have traded in a 52-week range of $6.03% to $. Volume today was 9.78B shares versus a 3-month average volume of N/A shares. The company’s trailing P/E is Commodities Precious Metals, while trailing earnings are $iShares per share.

Market Vectors Gold Miners ETF (AMEX:GDX): GDX shares recently traded at $50.74, up $1.22, or 2.46%. They have traded in a 52-week range of $ to $1.72%. Volume today was 9.79B shares versus a 3-month average volume of 16 shares. The company’s trailing P/E is Equity Precious Metals, while trailing earnings are $Van Eck per share.

Market Vectors Junior Gold Mine (AMEX:GDXJ): GDXJ shares recently traded at $23.82, up $1.04, or 4.57%. They have traded in a 52-week range of $ to $24.69%. Volume today was 2.35B shares versus a 3-month average volume of 12 shares. The company’s trailing P/E is Equity Precious Metals, while trailing earnings are $Van Eck per share.

To contact the reporter on this story: Jim Wilkerson at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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