November 14, 2013 / 9:59 PM / 4 years ago

Paulson & Co's gold ETF stake unchanged in Q3

NEW YORK, Nov 14 (Reuters) - Paulson & Co held onto its stake in SPDR Gold Trust, the world’s biggest gold-backed exchange-traded fund, in the third quarter, after the prominent hedge fund more than halved its stake in the second quarter when bullion prices plummeted.

The New York-based firm, led by longtime gold bull John Paulson, owned 10.2 million shares in the ETF on Sept. 30, unchanged from its holdings on June 30, a filing with the U.S. Securities and Exchange Commission showed on Thursday.

In its second-quarter filings, Paulson sharply cut its stake to 10.2 million shares from 21.8 million shares, marking the first time the firm cut its gold ETF stake since the fourth quarter of 2011.

Paulson shot to fame in 2007 with a prescient bet against subprime mortgages and repeated his success in 2009 with a bet on gold.

Investors pay close attention to the quarterly filings by Paulson and other notable hedge fund managers because they provide insight into whether the so-called “smart money” has lost faith in gold as a hedge against inflation and economic uncertainty.

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