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19 Nov 2009

Hedge Fund Billionaire John Paulson To Launch Gold Fund

HedgeCo News Archives - According to investors, hedge fund manager John Paulson, who through Paulson& Co., has raised over $1 billion for clients, has plans to launch a fund dedicated to buying up shares of bullion-related investments.

The Wall Street Journal reports that the gold fund will aim to outperform gold prices, by investing in gold-related shares and derivatives. Paulson currently has more than 10% of his $30 billion or so under management in gold-related investments, according to his investors.

“Gold has gone up 10% since the start of the month,” Andrew Schneider, co-founder of HedgeCo Networks, said, “Investors may also see gold as a hedge against US dollar fluctuations.”

John Paulson is best known for his bet against financial companies before the credit crisis which some have speculated earned his firm as much as $15 billion in 2007.

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