Reporters and commentators are struggling to decide how this GLD sale affected gold prices during Q2 and what it means for gold's future. It will remain speculation because we cannot know the whole story. We would not even know if Paulson had acquired physical gold bullion during Q2, because bullion is not required to be reported in 13F filings. Excerpts from the SEC's FAQ regarding form 13F are below.
Clearly, Paulson lost confidence with GLD. He could still be a gold bug!
|Q:||What is Form 13F?|
|A:||Form 13F is the reporting form filed by institutional investment managers pursuant to Section 13(f) of the Securities Exchange Act of 1934.|
Congress passed Section 13(f) of the Securities Exchange Act in 1975 in order to increase the public availability of information regarding the securities holdings of institutional investors. See Section 13(f) of the Securities Exchange Act. Congress believed that this institutional disclosure program would increase investor confidence in the integrity of the United States securities markets.
|Q:||What are "Section 13(f) securities"?|
These are securities that may be reported on Form 13F. A list of these securities - called the Official List of Section 13(f) Securities - is available shortly after the end of each calendar quarter on the SEC's website, at http://www.sec.gov/divisions/investment/13flists.htm. Section 13(f) securities are equity securities of a class described in Section 13(d)(1) of the Securities Exchange Act. See Section 13(d)(1) of the Securities Exchange Act.
The Official List of Section 13(f) Securities primarily includes U.S. exchange-traded stocks (e.g., NYSE, AMEX, NASDAQ), shares of closed-end investment companies, and shares of exchange-traded funds (ETFs). Certain convertible debt securities, equity options, and warrants are on the Official List and may be reported. But see Section 13(f)(4) (referring to equity securities of a class referred to in Exchange Act section 13(d)(1)) and exemptive rules 12a-4 and 12a-9 under the Exchange Act.
Securities that are not on the Official List should not be reported on Form 13F. See, e.g., Rule 13f-1(c) under the Securities Exchange Act. For example, shares of open-end investment companies, i.e., mutual funds, are not included on the list and, therefore, should not be reported on Form 13F.
And, here are links to the Paulson & Co 13F filings for quarters ended June and March 2013: