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.
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“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.