John Paulson, king of the subprime short, has become a goldbug. His metamorphosis can be traced to the first quarter of this year, when the New York-based hedge fund manager moved roughly 44 percent of the $9 billion in U.S. equities he had held in Paulson & Co. into exchange-traded funds specializing in gold-mining stocks and related companies. This included $2.8 billion for an initial stake in SPDR Gold Trust. Not only was that his largest equity holding, but it also made Paulson the ETF's biggest shareholder. His stake exceeded that of the next-largest investor by five times.
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