REPEAT-UPDATE 1-Paulson & Co more than halves gold ETF stake in Q2

Thu Aug 15, 2013 10:37am EDT
 
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* First time Paulson cut gold ETF holdings since Q4 2011

* Moves by Third Point, Soros bearish

* Baupost ups gold miners

* Selling by funds in Q2 may signal near-term price bottom

By Frank Tang

NEW YORK, Aug 14 (Reuters) - Paulson & Co more than halved its stake in SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, in the second quarter, when the bullion price lost nearly a quarter of its value.

The prominent U.S. hedge fund, led by longtime gold bull John Paulson, owned 10.2 million shares in the ETF on June 30, compared to 21.8 million shares on March 31, a filing with the U.S. Securities and Exchange Commission showed on Wednesday.

That marks the first time Paulson cut his gold ETF stake since the fourth quarter of 2011.   Continued...