Fund Manager Paulson Cut Gold Position During Fourth QuarterBy Kitco News
Wednesday February 17, 2016 08:16
(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; firstname.lastname@example.org