Germany Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
The SPDR Gold Trust, whose largest shareholder is legendary investor John Paulson, saw outflows of $534 million last year, which is in stark contrast to strong inflows at its competitors. Market Vectors Gold Miners ETF and iShares Gold Trust recorded inflows of $2.8 billion and $2.7 billion respectively.
Paulson, who made billions betting on the sub-prime mortgage crisis and in 2010 had a record pay day of $5 billion, experienced the worst year of his career in 2011. Bloomberg reports:
Paulson’s $28 billion firm, Paulson & Co., will need to generate a 104 percent return to recoup a 51 percent drop in one of his largest funds after wagers on a U.S. recovery went awry.
The FT goes so far as to call Paulson’s dominant role in the gold market a ‘curse’ and foresees a dash for cash:
Knowing that Paulson & Co holds more gold than many central banks, and that it is struggling, it only takes a short leap of imagination to worry that he might be forced to sell it. Indeed, in the third quarter of last year, Paulson & Co sold ETF shares equivalent to roughly 34 tonnes of gold – and in September the gold price fell 11 per cent.
2 Comments
Yelets1
We watch closley the options saddle on GLD (this friday) as it seems to be the significant driver in recent months for 3rd Friday closings – 150 on Friday ??
Brianbobke
greedy