Zerohedge reminds us why gold has been falling the last several weeks.
Paulson's Advantage and Advantage Plus funds were said to be dumped by Morgan Stanley. And because 30% of Paulson's portfolio is in gold (GLD) and another huge percentage in gold mining stocks, this dragged down the gold market and more importantly the gold mining market. To see a recent filing go here.
I don't believe this is that significant though. Morgan Stanley clients only comprise $100 million of the combined $5.7 billion Advantage and Advantage Plus funds. That's 1.7% and not even worth mentioning. By the way, the clearing volume at the London exchange can be as much as $3.5 billion a day. So $100 million is nothing.
I wouldn't put too much thought in this. Paulson and Soros are still bullish as far as I can see.
(if I make mistakes in any numbers mentioned above, please tell me)
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