Einhorn, a prominent gold bull, sold into strength as rising real yields (10-year real yield at 4.75% with the Fed paused at 3.75%) eroded gold's appeal. Conversely, Loeb's new position is seen as a hedge against a potential Fed return to rate cuts or as buying insurance against market complacency. GLD peaked near $462 in mid-February but has since retraced to $375.77 as of August 3.