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Gold/Mining/Energy : Gold & Gold Stock Analysis

GLD 385.42

-0.3%

Dec 8 4:00 PM EST

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From: bull_dozer	11/18/2009 12:52:02 PM
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John Paulson Making Big New Bet on Gold One of the biggest investors is placing a big new bet on gold. John Paulson, who scored about $20 billion of profits for his hedge fund between 2007 and early 2009 wagering against the housing market and financial companies, is launching a fund dedicated to buying up shares of gold miners and other bullion-related investments, according to three investors. Mr. Paulson spoke about the new fund, which will begin on January 1, at a meeting with his investors Tuesday in New York. The gold fund will invest in gold-related shares and gold derivatives and will aim to outperform gold prices. Paulson & Co. already is a major holder of gold shares including AngloGold Ashanti Ltd. and Kinross Gold, doing most of its buying early this year. Mr. Paulson currently has more than 10% of his $30 billion or so under management in gold-related investments, according to his investors. Mr. Paulson also owns billions of dollars of gold exchange-traded funds and forward contracts that he uses for gold-backed investor classes of his various funds. These gold investments have benefited from the recent surge in gold prices to nearly $1150 an ounce. online.wsj.com

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