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Australia’s Gold Miners Battered After Precious Metal’s Dive
Monday, April 15, 2013 3:06
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Billionaire John Paulson lost more than $US300 million ($285 million) of his personal wealth on his gold bet, as the precious metal fell to its lowest price in almost two years.
Paulson has roughly $US9.5 billion invested across his hedge funds, of which about 85 per cent is invested in gold share classes. Gold dropped 4.1 per cent on Friday, shaving about $US328 million from his net worth on this bet alone.
