Yup.
Their "paper gold" certificates will be worth about as much as this one.
Posted on 08/15/2013 9:30:55 PM PDT by TexGrill
Billionaire hedge fund manager John Paulson, who told investors as recently as last month that they should own gold, cut his holdings in the metal by more than half as prices plunged into a bear market.
Paulson & Co., the largest investor in the SPDR Gold Trust, the biggest exchange-traded product for the metal, pared its stake to 10.2 million shares in the three months ended June 30 from 21.8 million at the end of the first quarter, according to a government filing Wednesday. The New York-based firm, which manages $18 billion, cut its ownership for the first time since 2011 due to a reduced need for hedging, according to an e-mail response to questions. It also sold options to buy shares in Barrick Gold in the future, filings show.
The hedge fund is following other money managers who have been more aggressive in getting out as investors lost faith in gold as a store of value. Prices plunged by a record 23 percent in the second quarter as U.S. equities rallied and inflation was muted, while the Federal Reserve suggested it will reduce fiscal support for the economy. Billionaires George Soros and Daniel Loeb sold their entire SPDR stakes in the past quarter, U.S. Securities and Exchange Commission filings showed.
He saw the Armageddon premium come off sharply in the second quarter, and people prefer stocks as economic conditions started showing signs of improvement, said James Paulsen, the Minneapolis-based chief investment strategist at Wells Capital Management, which oversees about $340 billion in assets. There is increasing acceptance that the Fed may announce its plans to taper sometime this year.
(Excerpt) Read more at koreajoongangdaily.joins.com ...
John Paulson, who told investors as recently as last month that they should own gold, cut his holdings in the metal by more than half as prices plunged into a bear market.
Why save? If it’s food, FEMA has the right to come and take it in an emergency situation. I’ve feared gold because of the Gold Act of 1934. Now we’re being told that if you have too much cash, governments should be allowed to “lop off” your account. Stocks, particularly those held in IRAs and 401k accounts, may be eventually rolled into government controlled retirement plans. No, the answer is to spend everything you earn or have given to you. That way total reliance on the government is assured and the “ elites” (being those in government or their super rich friends) will enjoy the fruits of your labor.
Is it just me or is anyone else noticing the worldwide increase of the poor, growing class and race envy, push toward civil and class warfare, and calls for a world government? Something big is being orchestrated and I fear the future. It’s as if “1984” and Brave New World” we’re being merged and the new war is on success, personal freedom and responsibility.
Looks like Mr. Paulson locked in his losses at the bottom. We’re up since then. Soon to be knocking on the 1,400 dollar door.
Yup.
Their "paper gold" certificates will be worth about as much as this one.
The point I was trying to make is that gold will always be worth quite a bit so selling it all right now just because of a slight dip in price is ridiculous. There is no risk in holding onto to it - particularly as the paper economy implodes which would cause the value of gold to go up. The true risk is holding onto to too much fiat paper.
The point I was trying to make is that gold will always be worth quite a bit so selling it all right now just because of a slight dip in price is ridiculous. There is no risk in holding onto to it - particularly as the paper economy implodes which would cause the value of gold to go up. The true risk is holding onto to too much fiat paper. When the fiat paper is worthless those who held onto gold will be in a much better position.
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