Wednesday, May 30, 2012

Duquesne Family Office Gold Correction

Someone pointed out that the $859 million GLD position was in the form of call options; I missed that (don't go through filings late at night!)  So the increase in the 13F portfolio from $1 billion to $2.2 billion is largely not 'real'; just an increase due to the reporting of the notional amount of the underlying GLD represented by the call options.

That's still heck of a lot of gold, but the exposure is a bit different than owning GLD outright.

Sorry for the error, and thanks for the heads-up!


  1. Your blog is brilliant.

    Keep up the good work :)

  2. Thank you. I'm amused and glad that people read it. :)