Published On: Sun, Aug 16th, 2015

John Paulson Cuts Gold ETP Holdings for First Time in Two Years

John Paulson

 

Hedge fund Paulson & Co lead by billionaire John Paulson, one of the most  cut its stake in the world’s biggest gold-backed exchange-traded fund in the second quarter of 2015, after holding it unchanged for six straight quarters, just before prices took a tumble, a filing showed on Friday.

The move came just before spot gold prices tumbled 6.6 percent in July, their weakest monthly performance in more than two years after a steep selloff in Shanghai and New York, and on expectations for the U.S. Federal Reserve to raise rates as early as September.

“It appears Paulson was astute to lighten up some before the July plunge, ” said Mike McGlone, director of research for ETF Securities in New York.

Read the full story at Reuters by STUART LOWMAN

 

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