From The Observer: Gold
and its beguiling promise of assured riches have lured clever men into making
bad decisions for millennia. The latest to have fallen under its alchemical
spell is apparently John Paulson, hedge fund billionaire and the man who made
his name – and a $5bn (£2.5bn) profit – betting against that other supposedly
safe bet, the housing market.
In just two days last week, the 57-year-old hedge fund
manager lost almost $1bn as the gold price slumped at a speed unseen in
decades. With a personal fortune valued by Forbes magazine at $11.2bn, Paulson
can weather the loss, but this is not his first stumble since his historic bet
on the property crash made him the world's most famous hedge fund manager. And
despite recent events, he is still flying the gold standard….
Read all about it at http://www.guardian.co.uk/business/2013/apr/21/john-paulson-midas-touch
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