Saturday, 18 April 2015
Last updated 19 hours ago
Mar 6 2013 | 10:32am ET
Paulson & Co.'s Gold Fund is already down by double-digits in 2013.
The $900 million fund, which invests primarily in gold-mining equities, is down 10% through February, CNBC reports. The fund lost 25% last year.
Despite the big losses—which have come as physical gold prices have doubled—Paulson is sticking with its strategy. Firm founder John Paulson argues that when all of the money printed by central banks as part of quantitative easing programs comes into circulation, a growing demand for a limited supply of the precious metal will make his mining bets pay off. The firm has no plans to shutter the fund.
That's apparently fine by many of the fund's investors. According to CNBC, some have threatened to redeem if Paulson abandons its three-to-five year thesis, even as some investors, such as Lyxor's hedge fund platform, have already given up on the fund.
Lyxor contributed about $15 million to the Gold fund.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…