Wednesday, 6 May 2015
Last updated 13 hours ago
Nov 22 2013 | 11:46am ET
For years, and in the face of huge losses, Paulson & Co. founder John Paulson has been arguably the biggest of the gold bugs. Even as his dedicated gold fund, which manages primarily his own capital, posted double-digit declines, the hedge fund billionaire stuck by the precious metal, convinced that a coming period of inflation would reward his faith.
Paulson still isn't giving up on gold—even as his PFR Gold Fund has lost 63% this year after falling a further 1.2% in October. But his faith has been shaken a bit.
Paulson told investors that he won't be putting any more of his own money into the Gold Fund because he is not sure when inflation will begin to rise, Bloomberg News reports. The fund will maintain its positions in gold stocks, but it will let its options on the metal expire, Paulson said at the firm's annual meeting in New York.
Paulson opened his bet on gold in 2009 as a hedge against inflation, which he expected would soar due to central-bank quantitative easing programs. He even created gold-denominated share classes of his other hedge funds. But the precious metal is set to suffer its first losing year in more than a decade, down 26% this year, and the Gold Fund has been the only black mark in what has otherwise been a fabulous year for New York-based Paulson, whose other funds are up by double-digits.
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…