Hedge Fund King John Paulson Getting Long Gold Through $1.3B Stake In AngloGold Ashanti (AU, GLD)
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Earlier today, it was announced that Anglo American plc (Nasdaq: AAUK) sold its remaining 11.3% stake in AngloGold Ashanti (NYSE: AU) to investment funds managed by Paulson & Co for $32 per share in cash, or $1.28 billion.
The news here is not the sale, but who bought it. The purchase was made by none other then hedge fund king John Paulson. Paulson made billions on the credit meltdown.
It seems that, like other smart money mangers, including Greenlight Capital's David Einhorn, Paulson likes the yellow stuff.
In a statement to Bloomberg on the purchase, Paulson said, "We believe AngloGold Ashanti is one of the best managed and undervalued of the major global gold-mining companies. We look forward to the implementation of their global expansion strategy."
In the fourth quarter of last year, David Einhorn got long gold through ETFs SPDR Gold Shares (NYSE: GLD) and Market Vectors Gold Miners ETF (NYSE: GDX). Einhorn cited inflation fears for his big bet.
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