LOS ANGELES (MarketWatch) -- Funds led by well-known investors such as George Soros and John Burbank have been selling off their gold and silver holdings recently, helping fuel the metals' price falls, The Wall Street Journal reported late Tuesday, citing people close to the matter. The report said the selling marked a threat to the nine-month precious metals rally, but added that some prominent investors, such as hedge-fund manager John Paulson, continue to favor gold and silver. In late morning Asian trade Wednesday, spot gold traded at $1,531.60 an ounce, down 0.4% from the New York close, while silver was at $41.18, a fall of 1.2%.