Down 65% this year after losing another 23% in June, JP&Co. can't quite say that there's no place to go but up. So they'll say this:

“Although the timing is uncertain, if you have a long-term view we believe the funds offer the potential for outsized returns,” the firm wrote in the letter.

Paulson's PFR Gold Fund Fell 23% In June, 65% This Year [Bloomberg]