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Paulson & Co. Maintains Gold Position In Q3

Kitco News

(Kitco News) - The hedge fund Paulson & Co., overseen by well-known hedge fund manager John Paulson, stayed the course on its position in the world’s largest gold exchange-traded fund during the third quarter even though gold prices saw a sharp decline.

John Paulson founder of Paulson & Co.

The latest SEC filings showed the hedge fund maintained its stake in SPDR Gold Shares (NYSE: GLD) — the largest bullion-backed ETF — at 4.32 million shares.

Institutional investment managers must file a Form 13F-HR, showing their major holdings, with the Securities and Exchange Commission (SEC) within 45 days of the end of the quarter. The most recent filings show holdings of funds as of the end of the second quarter on June 30, but do not reflect any changes that might have occurred since.

Although Paulson has maintained his position in gold, the value of his holding declined by more than $25 million to just over $487 million, as of the end of the third quarter. In August, gold prices fell to a 1.5-year low, which was the pinnacle of a four-month downtrend as the market dropped nearly 13% from its April highs.

Paulson continues to be an active voice in the mining and precious metals space. In September, after a year of planning, the fund manager formed the Shareholders’ Gold Council, a coalition of investors and funds with the goal of making mining companies more accountable with a focus on creating value for shareholders.

Paulson also left his firm’s stakes unchanged in mining company AngloGold Ashanti Ltd, IAMGOLD Corp, Seabridge Gold and NovaGold Resources Inc. The fund increased its position in Randgold to 421.7 million shares from 331.7 million shares reported in the second quarter.

Although gold prices are well off their August lows, the precious metal has struggled to maintain consistent momentum. December gold futures last traded at $1,212 an ounce up nearly 1% on the day.

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