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Paulson halves gold investment
by David Campbell on Aug 15, 2013 at 10:21
Long-running gold bull and billionaire hedge fund manager John Paulson has cut his holding SPDR Gold Trust, by a wide margin the precious metals largest ETF, by more than half.
Less than a month after he last recommended clients hold gold his management company Paulson & Co said it had cut its investment for the first time since 2011 on ‘a reduced need for hedging’.
The company reduced its holdings in the trust from 21.8 million shares to 10.2 million worth $131.5 million at a share price of $129. The group manages a total $18 billion.
The business also exited call options on shares in miner Barrick Gold, although it retained several other gold positions.