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 Billionaire Paulson loses Midas touch

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RR Phantom

RR Phantom

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Billionaire Paulson loses Midas touch Vide
PostSubject: Billionaire Paulson loses Midas touch   Billionaire Paulson loses Midas touch Icon_minitimeWed Jul 10, 2013 12:44 am

Hedge fund manager John Paulson's gold fund has lost 65 per cent of its worth so far this year after the portfolio declined 23 per cent last month, two people familiar with the fund said on Monday.

Billionaire Paulson loses Midas touch Art-353-john-paulson-200x0

Gold had been one of the billionaire investor's winning bets a few years ago, but not this year. His investments in gold and gold miners have suffered double digit losses for the past three months.

In June, gold tumbled 12 per cent in the wake of fears the Federal Reserve might taper its economic stimulus by cutting monthly bond purchases. It is unclear how a 12 per cent drop in the price of the precious metal translated into a 23 per cent fall in the fund in June, and whether it is the result of the bet having been leveraged up through borrowing and the use of derivatives

Read more: http://www.smh.com.au/business/markets/billionaire-paulson-loses-midas-touch-20130710-2pp33.html#ixzz2YcAmbzzB
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