Has one of the world’s biggest hedge-fund managers turned into a gold bug?

SAC Capital Advisors L.P., the hedge fund run by Steven Cohen, disclosed a new position in options on the gold exchange-traded fund, SPDR Gold Trust.

The investment, options that allow SAC Capital to buy shares of the gold ETF at a defined point in time, is valued at $628 million, the single largest value of equity positions disclosed by SAC Capital, according to the hedge fund’s quarterly snapshot of its U.S. investment holdings.

Cohen disclosed the holdings in a regulatory filing Monday that showed the hedge fund’s U.S. stock, options and other positions as of June 30. As of March 31, he disclosed no holdings of the gold ETF.