Soros Fund Management, the hedge fund led by billionaire George Soros, has sold off its stake in SPDR Gold Trust (GLD), the largest gold exchange-traded fund (ETF), as of the end of the third quarter of 2016. This information comes by way of Soros' recent 13F filing with the SEC, made public and documenting the shifts in the billionaire's fund positions through the end of September of this year. The shift is considerable, as Soros made headlines earlier this year for having purchased a stake in SPDR while being generally bearish on global markets.

From 30 Million to Zero

According to the 13F that Soros Fund Management filed in the middle of the year detailing its positions by the end of the second quarter, the hedge fund held $30.4 million in investments in SPDR Gold Trust by the end of June. In the intervening time between then and September, Soros exited the position entirely; the most recent 13F shows that his fund has no stake in SPDR as of the end of September.

Soros' decision to buy up stake in SPDR during the second quarter made headlines, as gold is widely considered to be a safety asset in times of economic turmoil. Nonetheless, while Soros sold off his shares of SPDR Gold Trust during the third quarter of this year, his fund did not eliminate the precious metal entirely from its porfolio.

Major Increase in Barrick Gold

Soros increased his position in Barrick Gold Corp. (ABX) considerably during the third quarter. At the end of the second quarter of 2016, his fund reported owning 1.07 million shares of the mining outfit. The most recent 13F report indicates that the fund more than doubled its position in the company over the next three months, with a total by September 30 of 2.85 million shares. However, both of these figures pale in comparison to Soros' position in ABX earlier in the year. At the end of the first quarter of 2016, Soros Fund Management reported owning over 19 million shares of ABX. The second quarter of the year also saw Soros exit his position in mining outfit Silver Wheaton (SLW).

While gold rallied throughout much of the year, bringing gains to mining companies along with it, the recent presidential election has seen investor feelings about the precious metal change considerably. Many people have been rushing to buy up gold for its safe status at a time in which economic and political uncertainty, particularly in light of Donald Trump's surprise presidential win, have come to light. Whether Soros continues to trim his gold position in the months to come is unclear, as the billionaire does not seem to have given any indication of his plans.