Hedge fund Paulson & Co maintained its stake in SPDR Gold Trust, the world’s biggest gold-backed exchange-traded fund, in the third quarter after slashing its stake by more than half in the second quarter when bullion prices plummeted.
However, some notable money managers and pension funds, including PIMCO, continued to cut their gold ETF holdings, sparking fears that the exodus in gold led by institutional investors in the first half of the year will continue as the economy improves.
New York-based Paulson & Co, led by longtime gold bull John Paulson, owned 10.2 million shares in the ETF worth $1.31 billion on September 30, unchanged from its holdings on June 30, a filing with the U.S. Securities and Exchange Commission showed on Thursday.
That represents a gain of $93 million as the price of gold rebounded in the third quarter.
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