Gold’s Loudest Bull Is Quietly Selling His GLD. What Does He Know That You Don’t? Omor Ibne Ehsan Thu, August 6, 2026 at 10:35 AM PDT 4 min read GLD Quick Read Einhorn trimmed GLD into strength while Loeb opened 95,000 shares near the top, two elite managers making opposite bets on gold's direction. With the 10-year real yield at 4.75% and the Fed paused at 3.75%, rising real yields erode gold's appeal and explain Einhorn's macro-consistent trim. Both trades signal gold belongs in portfolios at a lower weight, and the standout lesson is sizing discipline rather than the directional call. Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now . David Einhorn's Greenlight Capital trimmed its stake in the SPDR Gold Trust ( NYSEARCA:GLD ) to 99,611 shares in the first quarter of 2026, while Daniel Loeb's Third Point opened a brand-new position of 95,000 shares in the very same quarter, both disclosures landing in 13Fs filed roughly 45 days after quarter-end. The two stakes are almost the same size. They were reached from opposite directions. alexgo.photography / Shutterstock.com That symmetry is the story. Einhorn spent much of the past two years talking about gold as a monetary refuge, arguing central banks and sovereigns were quietly reclassifying it as a reserve asset. Loeb, whose reputation was forged in equities and activist campaigns, sits far from the usual hard-money crowd. So when the loudest bull is quieter, and the equity guy is louder, you should notice. Look at what GLD actually did while these decisions were being made. The ETF ran from around $437 on January 20 to roughly $454 by early February, then peaked in mid-February near $462. Since then, the trust has retraced. It sits at $375.77 as of August 3, down 9.62% from June 1 and 6.21% year-to-date. On a one-year basis, it is still up 20.25%. Einhorn sold into strength. Loeb bought near the top. Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now . What the Macro Actually Says Gold's rally was built on a specific setup. Real yields were low, the Fed had been cutting, and core inflation kept grinding higher. The Fed executed three cuts totaling 75 basis points over the past year, ending at 3.75%, and has held there since December 11, 2025. That pause is the pivot. Meanwhile, the 10-year Treasury yield has climbed from a February low of 3.97% to 4.75% on July 31, its 99.6th percentile in the trailing year. Higher nominal yields with the Fed on hold mean real yields are grinding higher, which is exactly the condition under which non-yielding gold loses relative appeal. Core PCE inflation is elevated, sitting in the 90.9th percentile of its trailing range, but the marginal buyer of gold cares about the direction of real yields, and that direction has turned. Einhorn, whoever else he is,...
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