Einhorn Sells GLD as Fed Pause and Rising Real Yields Erode Gold's Appeal

David Einhorn's Greenlight Capital and Daniel Loeb's Third Point have made opposite bets on gold's direction, raising questions about their views on its appeal. In the first quarter of 2026, Einhorn trimmed his stake in the SPDR Gold Trust (NYSEARCA:GLD) to 99,611 shares, while Loeb opened a new position with 95,000 shares.

Einhorn had been a vocal bull on gold, arguing that central banks and sovereigns were reclassifying it as a reserve asset. However, he sold his GLD holdings into strength, taking advantage of the ETF's rise from around $437 in January to roughly $462 in mid-February.

In contrast, Loeb bought near the top, adding to the SPDR Gold Trust at a time when the Fed pause and rising real yields were eroding gold's appeal. Loeb's Third Point runs an equity-driven book, but this entry is deliberate, as he may be buying insurance against a potential Fed pivot back into cutting.

The trades by these two elite managers signal that gold belongs in portfolios at a lower weight than the 2025 rally implied. For retirement investors already holding gold, the takeaway is that professionals are taking chips off, rather than making a directional call.