From Komfie Manalo, Opalesque Asia – Beaten black and blue and losing close to $1bn over gold’s sell off the past weeks, John Paulson, the billionaire hedge fund guru told investors he would stick with gold, confident that the yellow metal will bounce back, various media reported.
In a gathering with investors late Wednesday, Paulson assured the crowd that the price of the yellow metal would go up again and that gold will once again be a powerful hedge against inflation, Reuters said.
A separate report by CNBC quoted Paulson as telling his investors during the hour-long gathering that he still expects the short-term volatility in gold to continue.
Paulson’s gold fund was down 28% in the first quarter of 2013 and further lost nearly $1bn. According to a report by Investment Week, Paulson’s gold fund lost some $973m due to the gold sell off, and brought his personal year-to-date losses to $1.52bn.
But the yellow metal made a comeback Monday after prices went above $1,400 per troy ounce after taking a massive beating over the past week, said CNN. However, the gold prices are ......................
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