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Gold plunge takes $700 million away from John Paulson

from Bullion Street:

Recent gold plunge took a major chunk from Hedge fund billionaire John Paulson as his loss is estimated at around $700 million.

According to reports, Paulson’s $700 million gold fund lost a whopping 27 per cent in April, when the price of the metal plunged 17 per cent over a two-week stretch.

The jarring one-month decline in the Paulson gold fund brings the year-to-date loss for the fund to about 47 per cent, the source said. The fund’s losses were magnified by the fact that its bullish bet on gold was enhanced with leverage, or borrowed money, and derivatives tied to the price of gold.

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