Druck's Gold

"Hello, Izzy? Yeahr, it's me, it's me. Listen, get me a quotation for gold on the Paris market."
--Crapgame (Kelly's Heroes)

Although legendary fund manager Stanley Druckenmiller closed Duquesne Capital a few years ago, he still manages enough personal money (billion$) to formally disclose his holdings on a quarterly basis. His most recent filing revealed a $300+ million position in the Gold Trust SPDR (GLD). At about 20% of total holdings reported, it represents his largest disclosed position.

Druckenmiller also added nearly 1.3 million shares of Newmont Mining (NEM).

The filing does not reveal his entire portfolio as it is not required to show non-US securities, holdings that aren't publicly traded, or cash. Because the value of his holdings reported in the recent 13F amount to about $1.5B, that leaves a sizeable fraction of Druckenmiller's estimated $4.4B fortune unaccounted for.

Druck's initiation of a sizable stake in gold-related securities is eye-catching nonetheless.

position in gold