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.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
“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
