Sierra Leone woos miners to clean energy with $11 billion plan
Most mining firms rely on their own diesel supplies to extract iron ore, diamonds, rutile and bauxite in the resource-rich country.
Annual outflows from gold-backed ETFs turned into a 159t trickle from the 880t torrent in 2013 in no small part due to the strength of the US dollar, continued improvement in the world’s largest economy and the relatively stable gold price environment.
According to filings with the US Securities and Exchange Commission on Tuesday, the hedge fund owned by billionaire John Paulson – unlike many of his counterparts – did not pulled his money from the sector last year.
Paulson & Co held onto its 10.23 million shares in the world’s largest physical gold-backed ETF, SPDR Gold Trust (NYSE: GLD), in the fourth quarter of 2014. GLD was last trading at $116.03 giving Paulson’s holding a value of a shade under $1.2 billion.
At 29.8 million ounces GLD represent more than 40% of total gold holdings in the world’s physical gold-backed ETFs. Paulson is the top holder of GLD, with 10.23 million shares, according to the government filings, reports Kitco News:
The hedge fund’s position in GLD has remained unchanged since the second quarter of 2013, when it cut its stake from 21.8 million shares.
Although Paulson has maintained his position in GLD, he has decreased his exposure to some miners. According to the filings, he cut his stake in two South African mining companies. He reduced his exposure to Gold Fields Ltd. (NYSE:GFI)(JSE:GFI)and Sibanye Gold Ltd. (NYSE:SBGL)(JSE:SGL) by 40% to 3.95 million and 986,853 shares respectively.
Continue reading at Kitco News.
