NEW YORK Aug 14 Hedge fund Paulson & Co
maintained its stake in the world's biggest gold-backed
exchange-traded fund, SPDR Gold Trust, for a fourth
consecutive quarter in the second quarter, as bullion prices
climbed on rising geopolitical tensions over the Ukraine crisis.
New York-based Paulson & Co, led by longtime gold bull John
Paulson, owned around 10.2 million shares in the ETF worth $1.31
billion on June 30, a filing with the U.S. Securities and
Exchange Commission showed on Thursday.
That represents a gain of around $45.3 million as the price
of gold climbed nearly 3.5 percent in the second quarter.
In the first quarter, gold posted a gain of 6.5 percent as funds
added gold back to their portfolios after aggressively selling
the yellow metal last year.
In the second quarter of 2013, Paulson slashed its stake by
more than half when bullion prices plummeted $225 between April
11 and 15, a record two-session drop for gold.
Investors pay close attention to the quarterly filings by
Paulson and other notable hedge fund managers because they
provide the best insight into whether the so-called smart money
has changed its sentiment toward gold as a hedge against
inflation and economic uncertainty.
(Reporting by Frank Tang; editing by Matthew Lewis)