Hedge fund masters buying gold

There have been significant increases in gold purchases by George Soros and John Paulson. Paulson increased his exposure to 44% of of the equity in gold. This was a 26% increase in exposure to gold. Soros doubled his exposure to gold ETF's in the second quarter. Other smart money like Jeff Vinik have cut their exposure. Clearly there is a desire to prepare for the next big QE move.

Gold prices have been range-bound since early May between $1550 and $1625. After hitting a high in February at just below $1795, gold has decline to the current trading range. It is not clear what will be the reaction to another round of QE. It is also not clear whether QE will come anytime soon given the mixed economic data; nevertheless,so of the "big trade" hedge fund  managers are looking for a significant gain.