Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Buckle up, John Paulson investors.
Bloomberg reports that the billionaire hedge fund manager has put 44% of his firms assets into gold.
Paulson & Co. purchased an additional 4.53 million shares of the SPDR Gold Trust, the firm’s largest position, and bought more shares of NovaGold Resources Inc. (NG), according to a Form 13F filed yesterday with the U.S. Securities and Exchange Commission.
Paulson has been a fan of gold miners and the SPDR Gold Trust in the past.
In 2007 Paulson famously made the trade of the decade when he shorted subprime mortgages and made $3.7 billion.
He has been brought down to earth by bad trades, such as the Sino-Forst Corporation that dropped sharply after suspect accounting. It later filed for bankruptcy and cost Paulson’s firm $720 million.
Creative Commons Flickr image taken by kalleboo
