Paulson Gold Bet Loses Almost $1 Billion: Chart of Day
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Hedge-fund manager John Paulson’s wager on gold wiped out almost $1 billion of his personal wealth in the last two trading sessions as the precious metal plummeted 13 percent.
The CHART OF THE DAY shows gold’s tumble since the start of the year has cut his riches by $1.52 billion on paper, including about $973 million in the rout that began on April 12 and continued with yesterday’s 9.3 percent drop. Paulson started the year with about $9.5 billion invested across his hedge funds, of which 85 percent was in gold share classes.