SPDR (NYSE:GLD), Market Vectors Gold (NYSE:GDX) Draw Hedge Fund Interest

Last quarter a number of hedge funds revealed in their required 13-F filings that they invested heavily in SPDR Gold Trust (NYSE:GLD), and to a lesser extent, Market Vectors Gold Miners ETF (NYSE:GDX).

Investing in SPDR were Third Point LLC, Highfields Capital, and the hedge fund ran by Chris Shumway, a former big trader at Goldman Sachs (NYSE:GS).

Highfields also invested in Market Vectors Gold Miners ETF, buying up 200,000 shares. They acquired 1.6 million shares of SPDR. Third Point bought 115,000 shares of SPDR, and Shumway's fund, 2.1 million shares.

On the other hand, George Soros divested of some shares in SPDR, while also getting rid of entire stakes in some gold miners.

It was somewhat of a mixed bag last quarter, with the hedge funds mentioned above, with the exception of Soros' adding to their gold positions.

While others sold shares also, all of them still retained significant gold exposure in them. It seems they think they may be at the top of the short-term upward move, and are poised for a correction.

The fact that they held so many shares speaks to the fact gold isn't near the end of its bull run by any means, and have taken profits at the top of the price while probably waiting for the correction to invest in gold again.