Another Gold Position for Soros

George Soros, who when interviewed in Davos in January said gold was "the ultimate asset bubble", is pouring more money into gold.

NovaGold, a precious metal, exploration and development company, announced on Monday that Soros' fund is putting $75 million into the firm. In fact, they are calling the money raise, "the Soros offerring":

NovaGold Resources Inc.today announced that it is proposing to issue 13,636,364 common shares of the Company at a price of US$5.50 per common share for gross proceeds of US$75,000,002 (the "Soros Offering") to Quantum Partners Ltd., a private investment fund managed by Soros Fund Management LLC.

In March, hedge fund manager John Paulson invested $100 million in the company, dubbed by them the "Paulson Offering".

"We are very pleased to have internationally recognized investors like Soros Fund Management and Paulson & Co. increase their positions in NovaGold and become two of our largest shareholders," said Rick Van Nieuwenhuyse, President & CEO of NovaGold. "These groups have been following NovaGold for some time, recognizing both the near and long-term strategic value of our world-class gold and copper-gold assets. With the US$175 million raised in these financings, we have fulfilled our current equity objectives and are exceptionally well positioned to advance and maximize the value of our projects for the benefit of all NovaGold shareholders."