John Paulson Now Has 44% of Equity Assets in Gold
Bloomberg reported this morning:
Billionaire John Paulson raised his stake in an exchange-traded fund tracking the price of gold while selling other stocks during the second quarter, leaving his $21 billion hedge fund with more than 44 percent of its U.S. traded equities tied to bullion.
Paulson bought more GLD, NovaGold and Allied Nevada. This is the first time he’s increased exposure to Gold since March 2009. That obviously turned out to be a very profitable move.
A year ago the figure was 25%. That makes quite the increase. We should note that George Soros recently more than doubled his position in GLD.