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mineweb.com / By Katya Wachtel / May 7, 2013
Hedge fund billionaire John Paulson is one of the biggest losers in this year’s gold rout, with his gold fund of under $1 billion losing 27 percent in April alone, according to performance figures provided by a source familiar with the fund.
The jarring one-month decline in the Paulson gold fund, brings the year-to-date loss for the fund to about 47 percent, the person familiar with the fund said.
The April selloff in gold was particularly fierce and came as a surprise to many hedge fund managers who were long either gold bullion or the SPDR Gold Trust, the most popular gold exchange-traded fund.
Hedge fund manager David Einhorn said on a conference call Tuesday for his reinsurance company Greenlight Capital Re, “We were somewhat surprised by the swift decline in the price of gold in April.”
