Forbes – The second quarter was by no means a time to own gold, and billionaire hedge fund manager John Paulson knows it. While he cut his major position in the yellow metal by half, selling nearly 12 million shares in the largest gold ETF worth $1.38 billion at the end of the quarter, he lost at least $736 million in his cumulative positions through the three months ending with the month of June.
Paulson’s largest losses would be attributed to his massive position in the SPDR Gold Trust ETF, where he would’ve lost $360 million on the 10.24 million shares he was still holding by the end of the quarter, when compared to prices at the end of Q1. The hedge fund manager closed the first quarter with a 21.8 million-share position in the largest gold-backed ETF.
