George Soros juggled up his Soros Fund Management holdings, adding strongly in the energy and oil sector, including Exxon Mobil (NYSE:XOM), Petroleo Brasileiro SA (NYSE:PBR) and Suncor Energy (NYSE:SU), while cutting back on exposure to the financials like Citigroup (NYSE:C) and The Bank of New York Mellon Corporation (NYSE:BK).
The Bank of New York Mellon Corporation and Altria Group (NYSE: MO) he liquidated positions in altogether.
Somewhat surprising and probably regretfully in hindsight, he cut back his position in SPDR Gold Trust (NYSE:GLD).
Soros mentioned earlier in the year that gold was a bubble ready to burst, but he misread the situation, and he continues to misread it, as gold continues on its upward climb.
This isn't to say there won't be corrections in the gold market, but the bubble situation isn't close to appearing yet, as it will take clueless people entering the gold market who don't understand the underlying fundamentals to create a gold bubble.
With all the money floating out there, printed by central banks around the world, there is little to keep gold from continuing to go up in price, as well as well as to protect their assets in the ongoing economic hardships we're going to face, as Europe continues to crumble and China is almost sure to cut back on exports because of its battle against inflation through increasing interest rates and clamping down on excesses in its property market.
The stake in Exxon Mobil by Soros Fund Management was increased by 80 percent, while the stake in Petroleo Brasileiro SA (NYSE:PBR) had 18 percent added to it.
Their position in SPDR Gold Trust was cut by 9.6 percent.
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