Saturday, 22 November 2014
Last updated 1 day ago
Nov 18 2009 | 1:17pm ET
Paulson & Co. poured billions into gold-related investments this year. Next year, he’s taking his newfound love of the precious metal to a whole new level.
The New York-based hedge fund will launch a dedicated gold hedge fund on Jan. 1. Firm founder John Paulson announced the new fund at a meeting with investors yesterday.
Paulson told investors that the gold rally was only just beginning, and pledged to invest $250 million of his own fortune in the new vehicle, The Wall Street Journal reports.
The Paulson gold fund will invest in gold-mining companies and other gold-related equities, as well as gold derivatives. The fund will seek to outperform gold prices.
Earlier this year, Paulson moved about 10% of his firm’s $30 billion into gold and gold-related investments.
Paulson's gold-only fund follows a similar announcement from Stanley Fink's International Standard Asset Management last month.
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