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Hedge fund managers caught off-guard by sharp gold sell off

Tuesday, April 16, 2013

From Komfie Manalo, Opalesque Asia – Hedge fund managers and investors were caught off-guard by the sharp gold sell-off last week, said John Burbank, a long-time gold investor told the India Times.

The San Francisco-based hedge fund manager said that the decline in the commodity prices and the improving economy caught many gold investors by surprise, particularly with the "unexpected event" on Friday which saw the price of gold fall 4%. The sell off worsened on Monday when gold prices dropped a further 9.35%, or $140.40, to $1,360.60 for the April contract — the sharpest such one-day decline since February of 1983, according to the New York Times.

SEC filings indicate that John Paulson and David Einhorn suffered combined losses of more than $640m since Friday, said Forbes.com yesterday.

John Paulson reportedly lost more than $30mm of his personal wealth while investors in $20bn hedge fund firm Paulson & Co l......................

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