Paulson Keeps Gold Stake as Investors Lose Love for Metal

Jon Banking, Geopolitics, Gold, Government, Market Commentary, Precious Metals

Billionaire hedge fund manager John Paulson stuck with his holding in the world’s biggest gold exchange-traded product at a time when other investors were dumping the metal.
Paulson & Co., the largest holder of the SPDR Gold Trust, kept its stake at 10.23 million shares in the three months ended Dec. 31, a government filing showed. The position was unchanged for a sixth straight quarter.
Assets in the SPDR fund slumped 11 percent in 2014, and reached 704.83 metric tons in January, the lowest since September 2008. Gold prices dropped 1.5 percent last year, capping a consecutive annual decline for the first time since 1998. Gains for equities and the prospect of rising U.S. interest rates prompted some investors to lose faith in the metal as a store of value.

This post was published at Newsmax