Monday, 24 October 2016
Last updated 2 days ago
Nov 18 2013 | 12:56pm ET
After more than halving its gold investments in the second quarter, Paulson & Co. stuck by the tarnished precious metal in the third—and was rewarded.
The New York-based hedge fund owned more than 10 million shares of the SPDR Gold Trust exchange-traded fund at the end of September, it said in a regulatory filing. Gold prices are up 9% since the end of the second quarter.
Still, the metal is on its way to its first annual loss in 13 years, and a big one, at that. Gold futures are down 23% this year. Paulson's own PFR Gold Fund is down 62% through September.