Friday, 25 July 2014
Last updated 1 hour 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…