Paulson Thinks Gold's Bull Run Has Just Started, To Set Up New Gold Fund (GLD)
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Hedge fund guru John Paulson is looking to step-up his bet on gold with a new fund, according to reports from the Wall Street Journal. Paulson told investors he plans to start a new fund dedicated to investing in gold-related shares and gold derivatives set to launch on January 1.
Paulson, who made billions betting against the U.S. housing market, has been getting long the yellow metal over the last year or so with investments in gold companies including AngloGold Ashanti (NYSE: AU), Gold Fields (NYSE: GFI) and Kinross Gold (NYSE: KGC). Paulson also owns 31.5 million shares of gold ETF SPDR Gold Shares (NYSE: GLD). Paulson currently has more than 10% of his $30 billion or so under management in gold-related investments, according to his investors.
At a meeting with Paulson & Co investors, Mr. Paulson argued that the bull run in gold was only beginning and he committed to putting up to $250 million of his own money into the new fund.
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