Billionaire investor George Soros dumps his gold

According to regulatory fillings, George Soros, billionaire investor, cut his investment in the SPDR Gold Trust ($GLD) in half during the fourth quarter of 2012.

The $8.5 billion Soros Fund Management now owns 600,000 shares of the gold ETF, down from 1.3 millions shares.

After climbing near $1,800 an ounce in October, gold prices have tumbled to about $1,600 an ounce.

Gold prices have been rising steadily for over a decade, but some analysts say prices are nearing their peak.

According to the World Gold Council, Gold demand reached a record value of $236.4 billion in 2012 as demand fell 4%.

SPDR Gold Trust was trading down 1.89% in afternoon trading.


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