Weeks after George Soros sold 99% of his GLD (SPDR gold ETF) holdings, the media has been awash with misleading headlines such as "Is Soros Right to Get Out of Gold?" and "'Ultimate Bubble' - Soros Sells Out of Gold".
The truth is that Soros is not completely "out of gold" -- he seems to be following other influential billionaires who continue to invest in mining and exploration companies. He maintains 3.4 M shares of emerging gold exploration company, NovaGold Resources Inc. and 1.38 M shares of top 10 miner, Kinross Gold and 21,000 shares of Eldorado Gold. However, Soros increased his position in North American Palladium, which expects to double gold production this year, and he initiated small positions in diversified major miner, Freeport McMoran Copper & Gold, Inc. and gold explorer, Rubicon Minerals.
Soros is not alone. The world's richest man, Carlos Slim Helu produces gold in Mexico, through his Grupo Frisco, which continues to
grow its operations. In January, the company launched an IPO for a spinoff mining venture, Minera Frisco, after announcing plans in November to invest in other Latin American countries. There are even rumors that Slim might attempt to acquire Mexican miner, Fresnillo Plc, which produced nearly 100,000 oz. last year.
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