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Druckenmiller Buys Gold ETF, Boosts Facebook, Dumps Biotech

Billionaire Stan Druckenmiller’s family office bought gold and added to his holdings of Facebook Inc. in the second quarter.

The former chief strategist for George Soros bought shares of SPDR Gold Trust, an exchange-traded product backed by gold, worth $323.6 million at the end of June, according to a quarterly filing with the Securities and Exchange Commission.

Duquesne Family Office also added 1.6 million shares of Facebook Inc., growing its stake to $160.6 million, and making the social media company its second-largest position.

Druckenmiller, who...