Billionaire John Paulson, the hedge- fund manager seeking to reverse two years of losses in some of his strategies, lost 27 percent in his Gold Fund last month after the precious metal and related securities plummeted, according to two people familiar with the matter. The loss brings the strategy’s decline to about 47 percent this year, said the people, who asked not to be identified because the information isn’t public. The fund is made up primarily of Paulson’s own money, one of the people said. The strategy has about $500 million, down from about $700 million at the end of March. [Bloomberg]
Paul Singer is pissed that gold keeps losing money—his money—and, like John Paulson, he’s mystified that people have temporarily lost some of their attraction to shiny objects.
Everyone wants a piece of gold’s modest rebound since its little, once-in-30-years hiccup a week and a half ago. And the U.S. Mint simply can’t keep up with the demand from people with $150 and a burning desire to catch the bottom of the market. Read more »
You cannot hold down people’s insatiable desire for shiny objects forever. Especially when they sense a bargain’s to be had. Read more »