Top Hedge Fund Manager Drops Nearly $1bn In Just Two Days

Oh, that's got to hurt.

Hedge-fund manager John Paulson’s wager on gold wiped out almost $1bn of his personal wealth in the past two trading days as the precious metal plummeted 13%.

Bloomberg's CHART OF THE DAY shows gold’s tumble since the start of the year has cut his riches by $1.52bn on paper, including about $973m in the rout that began on April 12 and continued with Monday’s 9.3% drop.

Paulson started the year with about $9.5 billion invested across his hedge funds, of which 85% was in gold share classes.

Paulson is sticking with his thesis that gold is the best hedge against inflation and currency debasement as countries pump money into their economies, according to the New York-based firm, which manages about $18 billion. The metal entered a bear market last week after falling more than 20% since August 2011, bringing more bad news for 57-year-old Paulson, who has struggled with poor returns for the past two years.

Hit the link below to access the complete Bloomberg article:

Paulson Gold Bet Loses Almost $1 Billion: Chart of Day

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image: © Matthew Rutledge

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