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Fund Manager Paulson Cut Gold Position During Fourth Quarter

(Kitco News) - Well-known hedge fund manager John Paulson cut his bullish bet in gold during the fourth quarter, according to a Filing with the Securities and Exchange Commission.

The hedge fund Paulson & Co. cut its holdings in SPDR Gold Shares, the world’s largest gold-backed exchange-traded fund, by 37% to 5,775,012shares as of Dec. 31, the Filing shows. He had held 9,234,852 as of the end of the third quarter.

Gold was suffering as 2015 wound down when the Federal Reserve hiked interest rates for the first time in nearly a decade and the market was anticipating more tightening in 2016. Since the start of the year, however, the precious metal has drawn a safe-haven bid as global equities weakened on economic worries. Gold is up 13.5% for the year to date, with spot metal trading around $1,204.90 an ounce shortly after 8 a.m. EST.

Institutional investment managers must file a Form 13F, showing their major holdings, with the SEC within 45 days of the end of the quarter.

Meanwhile, Soros Fund Management LLC – which had already eliminated a large position in the Market Vectors Gold Miners ETF during the third quarter – remained out of the market. The Filings show the fund had noshares in this ETF; it had held 761,000 as of the end of the second quarter before cutting this to zero in the third.

By Allen Sykora of Kitco News; asykora@kitco.com


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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