Paulson Said to Tell Clients He Won’t Add More to Gold

Billionaire hedge-fund manager John Paulson told clients he wouldn’t personally invest more money in his gold fund because it’s not clear when inflation will accelerate, according to a person familiar with the matter.

Paulson, who has been betting that gold would rally as a hedge against inflation, has lost 63 percent year-to-date in the PFR Gold Fund, said the person, who was briefed on the returns and asked not to be identified because the information is private. The fund, which has shrunk to $370 million, with most of that John Paulson’s own money, fell 1.2 percent in October, the person said.