Tags: Paulson | Faith | Gold | Fund

Bloomberg Source: Paulson Loses Faith in Gold Fund

Thursday, 21 Nov 2013 06:30 PM

 

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Billionaire hedge-fund manager John Paulson told clients he wouldn’t personally invest more money in his gold fund because it's not clear when inflation will accelerate, according to a person familiar with the matter.

Paulson, who has been betting that gold would rally as a hedge against inflation as central banks flood the global economy with money, has lost 63 percent year-to-date in the PFR Gold Fund, said the person, who was briefed on the returns and asked not to be identified because the information in private. The fund, which has shrunk to $370 million, with most of that John Paulson’s own money, fell 1.2 percent in October, the person said.

The hedge-fund firm will maintain the fund’s positions in gold stocks and let options related to bullion expire, Paulson said at the firm’s annual meeting Wednesday in Paulson & Co.’s New York office, according to the person.

Armel Leslie, a spokesman for $19 billion Paulson & Co. with WalekPeppercomm, declined to comment.

© Copyright 2014 Bloomberg News. All rights reserved.

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