Paulson Profits On New Gold Investment

Dec 4 2009 | 2:28pm ET

John Paulson’s faith in gold is paying off in a big way, and fast. His Paulson & Co. may have turned a C$47.9 million (US$45.3 million) profit on just a single investment in the precious metal. And in less than five weeks.

The $30 billion New York-based hedge fund amassed 10.3 million shares of Detour Gold Corp. The Toronto-based gold exploration and development concern has seen its share price soar 35% since Oct. 31, when Paulson reported its stake in the company.

Paulson has moved some 10% of his firm’s assets into gold and gold-related investments this year. The firm is also preparing to launch a dedicated gold hedge fund on New Year’s Day.

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