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Sunday, 22 January 2017
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Feb 18 2014 | 12:33pm ET
After slashing his gold holdings by half in the second quarter, John Paulson stood pat in the fourth, as the precious metal ended its worst year in more than 30.
Paulson & Co.'s investment in the SPDR Gold Trust was unchanged during the final six months of the year. After suffering huge losses in the first half, Paulson said in November that it would not add to its gold investments.
Paulson has been among the hedge fund industry's biggest gold bugs, beginning to bet on the metal in 2009 as a hedge against inflation—which it expected to result from government stimulus programs. The firm created a dedicated Gold Fund and gold-denominated share classes of its other funds, all of which suffered when the predicted inflation failed to appear.