Published On: Tue, Aug 18th, 2015

Duquesne Family Office Makes $324 million bet in gold

The family office of billionaire Stanley Druckenmiller, who famously broke the Bank of England with George Soros in 1992, has made a huge gamble on gold in the second quarter, despite being downbeat on the economy.

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According to a regulatory filing, Duquesne Family Office paid $324 million for a 2.8 million share position in the SPDR Gold Trust (GLD), the market’s largest physical gold exchange-traded fund, just weeks after prices fell to a five-year low.

The filing shows that gold is now Druckenmiller’s largest single holding, followed by social networking service Facebook, which sits in second place with 1, 872, 700 shares, up from 252, 000 in the first quarter.

The 62-year-old also purchased 1.28 million shares of gold miner Newmont Mining and 3.6 million shares of copper giant Freeport-McMorcan, suggesting that he could be planning to back precious metals for the long run.

Read the full story at CampdenFB by Michael Finnigan 

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