And gold falls yet again, now to a 2.5 year low, bringing down the many miners which have already suffered at the hands of the Fed and China this year. Among the gold miners who are counting their losses today, many are held by large hedge funds in long and short positions. Give it a day and we will have an estimate on whether Paulson’s Gold Fund has fallen 100 percent this time or not.
Is Paulson Gold fund down 100% now or not?
— Tabinda Hussain (@tabihussain) June 20, 2013
We know his other funds are doing much better but Paulson and Gold go hand in hand. Apart from jabs at Paulson, long bets on gold have been punished this year where other famous investors have significant exposure as well, David Einhorn, Dan Loeb, Seth Klarman, Paul Singer, Ray Dalio all have bet in favor of the metal. Lets take a look at the big loosers and winners.
Gold Losers: Paulson, Einhorn, Loeb
Barrick Gold Corporation (NYSE:ABX) is down over 7 percent today and 51 percent YTD. The famous holders of this large gold miner are, David Einhorn, Julian Robertson and John Paulson.
NovaGold Resources Inc. (TSE:NG) (NYSEMKT:NG), down 5 percent today and 52 percent YTD. Seth Klarman, John Paulson and John Griffin of Blue Ridge Capital have positions in NovaGold.
Allied Nevada Gold Corp. (TSE:ANV) (NYSEMKT:ANV), down 7 percent, and 77 percent YTD. Again John Paulson has a position here.
Not to mention the ETFs, SPDR Gold Trust (ETF) (NYSEARCA:GLD), down 5 percent today, is held by Dan Loeb, George Soros, John Burbank and Leon Cooperman.
Market Vectors Gold Miners ETF (NYSEARCA:GDX) down 6 percent today, here again David Einhorn, George Soros and Leon Cooperman have positions.
Winning Bets By Odey and Lansdowne
Moving on to the shortsellers who have been pocketing profits since gold plummeted. Newcrest Mining Limited (OTCMKTS:NCMGY) (ASX:NCM) has been making profits for Crispin Odey with its plummeting stock. Odey Asset Management has a short position in the miner. NEM is down 33 percent for the year after losing over 5 percent in today’s trading. Odey is also bagging profits on Kazakhmys plc (LON:KAZ) (HKG:0847), a copper miner which has some exposure in gold as well, shares have slid 64 percent YTD.
Randgold Resources Ltd. (NASDAQ:GOLD), down 6 percent today has been doing better than its peers with a 31 percent loss in stock value YTD. Randgold Resources Ltd. (NASDAQ:GOLD) (LON:RRS) is a long position of Ray Dalio and John Paulson who have lost on their bets. On the other hand London based Marshall Wace is up on its short bet.
Fresnillo Plc (LON:FRES) down 48 percent for the year after plummeting another 8 percent today is one of the most profitable short bets of Lansdowne Partners.
Petropavlovsk PLC (LON:POG), a popular short bet in UK has been butchered. The Russian gold miner is down 63 percent for the year, making profits for short bets of TT International and Highbridge Capital.