BULLION INVESTMENT
Hedge-fund billionaire Paulson sticks to gold
Investors poured $460m into SPDR Gold Shares in the first quarter
New York — Billionaire hedge-fund manager John Paulson kept his holding in the top gold-backed exchange-traded product in the first quarter as prices rebounded. A US government filing shows that at end-March Paulson & Co had 4.36-million shares of SPDR Gold Shares as it did in the December quarter, when it cut its holding. Investors poured $460m into SPDR Gold in the first quarter. Investors returned to bullion as they dialled back expectations of faster US economic growth amid concern about US President Donald Trump’s ability to push his pro-growth policies through Congress. Gold for immediate delivery rebounded 8.9% in the first quarter, after falling 13% in the previous quarter. In February, hedge fund manager David Einhorn said he was betting on declines in government debt and a rebound in gold to guard against the risk of inflation under Trump. On May 2, as the bullion rally was slowing, DoubleLine Capital CE Chief Executive Officer Jeffrey Gundlach said "it is not the time to ...
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