Eton Park Capital Management LP, the $13 billion hedge fund run by Eric Mindich, moved a significant amount of capital into the gold market last quarter, acquiring shares of SPDR Gold Shares (NYSEArca:GLD) and Gold Fields Ltd. (NYSE:GFI).
Mindich acquired 6.58 million shares of SPDR and 780,000 shares of Gold Fields in the quarter via Eton Park.
SPDR Gold Shares has been one of the favorites of hedge funds in the past, and continues to be. Other major hedge fund holders of SPDR include John Paulson and George Soros, although both held their positions and didn't add any shares last quarter.
They did add gold miners, including Gold Fields by Paulson and Soros as well.
Major gold miners were targeted by major hedge funds in general, with Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Goldcorp (NYSE:GG) among the largest increase in holding for funds, accounting for the sixth, seventh and eight places in the order listed above.
SPDR Gold Shares landed in second place as far as the greatest increase in investments from hedge funds in the latest quarter, with all of them together holding 68.2 million shares in SPDR.
With data showing a continuing weak global and American economy, we should see an even larger increase for the current quarter of hedge fund holdings in gold.
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