Wednesday, 1 October 2014
Last updated 14 hours ago
Aug 15 2012 | 12:12pm ET
Paulson & Co. has taken advantage of the recent swoon in gold prices to hoard more of its favorite precious metal.
The New York-based hedge fund bought up 4.5 million more shares of the SPDR Gold Trust exchange-traded fund and additional shares of NovaGold Resources and Allied Nevada Gold Corp. U.S. equities linked to gold bullion now account for a whopping 44% of the hedge fund's $21 billion in assets.
Paulson had cut its investment in the ETF in the previous two quarters. The buy was the first time Paulson had boosted his holdings of SPDR Gold since the first quarter of 2009. That was also the last time gold stocks made up so large a portion of Paulson's portfolio, at 46%.
It wasn't all gold buying for Paulson in the quarter, however: The hedge fund sold shares of AngloGold Ashanti and Gold Fields.
Paulson's largest hedge funds are down by double-digits this year.
Paulson wasn't alone in buying gold in the third quarter. George Soros, unlike John Paulson a gold skeptic, took the opportunity presented by the metal's losses to more than double his stake in the SPDR ETF. Soros had largely sold off his gold stake last year.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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