Hedge fund billionaire Stan Druckenmiller has made a huge bet on gold

Legendary hedge fund manager Stanley Druckenmiller, who runs Duquesne Capital, made a huge bet on gold during the second quarter.

Duquesne, which is now run as a family office, finished the second quarter with 2.88 million shares of SPDR Gold Trust, according to the fund's 13F filing.

The new position is now Druckenmiller's largest long position.

Druckenmiller's GLD stake had a value of $300.3 million at the end of the quarter based on the June 30 closing share price of $104.27. Shares of GLD have fallen 5.5% since then.

Druckenmiller has previously said that when he sees something that really excites him he will "bet the ranch on it." We reached out to Druckenmiller for comment on his GLD position.

Druckenmiller also increased his position in Facebook to 1,872,700 shares, up from 252,000 shares in the first quarter. He also took big new positions in Freeport-McMoRan (3.547 million shares), Halliburton (1.547 million shares), and Wells Fargo (1,679,400 shares), the filing shows.

Hedge funds are required only to disclose long equity holdings in 13F forms. These regulatory filings don't come out until 45 days after the end of each quarter.

Here's how GLD shares performed during the second quarter:

And here's how GLD has performed since the start of the second quarter: