Wednesday, 24 August 2016
Last updated 15 hours ago
Apr 16 2013 | 1:16pm ET
If John Paulson thought his gold woes were over after Friday's swoon, he was in for a rude awakening yesterday.
Gold suffered its biggest loss in more than 30 years yesterday. Between Friday and yesterday, gold has fallen 13%, cutting into the Paulson & Co. founder's personal wealth by about $973 million.
Since the beginning of the year, Paulson, who has 85% of his fortune invested in his firm's gold-denominated share classes, has lost $1.52 billion on gold, Bloomberg News reports.
Paulson remains up over the life of the gold bet, however, having established it four years ago, when gold sold at an average of $950 per ounce. Gold closed yesterday at $1,361.10 per ounce.