Hedge fund supremo John Paulson has reportedly lost almost $1bn of his personal wealth since the end of last week after the price of gold crashed.
Some 85% of the $9.5bn Paulson has invested across his hedge funds is held in gold share classes, Bloomberg reported. The precious metal plummeted 9.3% on Monday to take two-day losses to 13%, creating a paper loss of $973m for Paulson and taking his personal year-to-date losses to $1.52bn, according to the news agency. The price of gold staged a slight recovery yesterday but failed to reclaim the $1,400 level below which it dropped on Monday, and remains around 25% below its September 2011 peak. Paulson is sticking with his gold positions, however, in the belief the metal remains ...
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