This news has came up and this is one of the reasons why I believe gold miners are either close to the bottom or at the bottom.
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George Soros buying the miners
The news revealed that he sold 12% of his position in GLD and used $40 million and brought Market Vectors gold miners ETF (GDX). He had also brought $25 million of call options on Market Vectors Gold miner Junior ETF (GDXJ).
For those who follow Soros and knows his track record, this is something that you would got to watch. This
looks like an accumulation phrase. This is also the reason why price of gold continues to trend lower and the gold miners stock price is relatively stable. The smart money now is buying the miners (producers) as the valuation is very attractive.
I own none of the ETFs listed above.
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