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From Komfie Manalo, Opalesque Asia – Hedge fund guru John Paulson was reported to have lost 27% in April alone after the yellow metal plunged, various media reported.
According to Reuters, Paulson’s gold fund lost an estimated nearly a $1bn last month bringing to 47% his year-to-date losses for his gold fund.
The report added that Paulson told his investors of the losses on Monday and said that his Advantage fund also fell 0.8% last month after it was hit by the gold price sell-off. However, the fund was still up 2.5% in the first four months of 2013.
Advantage fund’s assets are now below $5bn. Overall, Paulson’s assets declined to $18bn from a high of $38bn in 2011 after investors withdrew their funds and poor performance.
A separate report by to Bloomberg, added that the SPDR Gold Trust, the largest bullion exchange-traded fund held by Paulson, fell to its lowest level in four years as the U.S. equities moved up to record highs.
On Monday, gold holdings declined 0.4% to 1,057.79 metric tons, its lowest level since March 2009. Last April SPDR assets slumped 12%.
Bloomberg added that the yellow metal slumped in April as investors saw opportunities in riskier assets after be...................... To view our full article Click here
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