Soros called the bottom in Barrick Gold's stock
Shares in top gold miner Barrick Gold (NYSE:ABX, TSE:ABX) added more than 1% on Monday, making the most of gold breaking its fall to trade just above five year lows around $1,180 an ounce at the start of the week.
It was revealed in filings to the US Securities and Exchange Commission on Monday that Soros Fund Management, a company founded by legendary hedge fund billionaire George Soros, had liquidated a $20.1 million position in Barrick Gold, the world's top gold mining company in terms of output, during the third quarter.
The Sorus fund's timing of the sale of its shares in the Toronto-based company looks like it was somewhat off. During the third quarter Barrick shares fell a staggering 40%.
Since October 1 however the value of the stock is up a whopping 20% on the NYSE where it's now worth $8.8 billion.
The surge, despite the faltering gold price, came after the release three weeks ago of strong third quarter financial and operating results that showed positive cash flow and headway in reducing the company's massive debt pile.
The legendary investor also dissolved a stake in the Market Vectors Gold Miners exchange-traded fund according to a report by Reuters.
Overall, the Soros Fund had an unhappy third quarter, with the market value of its overall portfolio dropping to $6.6 billion from $10.7 billion.