In a harbinger of what may be coming our
way in the Fall of 2012, billionaire financier George Soros has sold all of his
equity positions in major financial stocks according to a 13-F report filed with the SEC for
the quarter ending June 30, 2012.
Soros,
who manages funds through various accounts in the US and the Cayman Islands, has
reportedly unloaded over one million shares of stock in financial companies and
banks that include Citigroup (420,000 shares), JP Morgan (701,400 shares) and
Goldman Sachs (120,000 shares). The total value of the stock sales amounts to
nearly $50 million.
What’s equally as interesting as
his sale of major financials is where Soros has shifted his money. At the same
time he was selling bank stocks, he was acquiringsome 884,000 shares (approx.
$130 million) of Gold via the SPDR Gold Trust.
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