Bridgewater Associates, the world’s largest hedge fund, has opened a new $318.8 million position in SPDR Gold Trust, according to regulatory filings released Thursday.
The investment, disclosed in a 13F filing with the Securities and Exchange Commission, represents a significant allocation to gold by the fund founded by billionaire investor Ray Dalio.
The filing shows the investment is part of Bridgewater’s holdings for the March 31, 2025, reporting period. Other financial institutions including BlackRock, Goldman Sachs and UBS have also increased their gold ETF holdings during the quarter.
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Gold prices have been trading near record highs, recently around $3,228 per ounce. Investors have increasingly turned to the precious metal as a hedge against economic uncertainty.
Dalio, who stepped back from managing Bridgewater’s day-to-day operations but remains influential at the firm, has recently warned about potential debt crises in major economies.
Read: Ray Dalio Turns Over Control Of Bridgewater Associates To “The Next Generation”
“I believe that there would likely be a pending debt money problem,” Dalio said at a financial conference in Abu Dhabi last December. He advocated steering away from debt assets in favor of “hard money like gold and bitcoin.”
Read: Gold Demand Hits Nine-Year High in Q1 2025 as ETF Inflows Surge
The move by Bridgewater follows increased gold purchases by central banks, which have bought more than 1,000 metric tons annually since Russia’s invasion of Ukraine in 2022 — double the amount from the previous decade, according to a Reuters report.
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