Paulson Holds SPDR Gold Trust, Adds General Motors

Paulson Holds SPDR Gold Trust, Adds General Motors
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Once bit by the gold bug, it’s hard to let go. An SEC 13F filing today from Paulson & Co. indicates that long-term gold bull John Paulson has not changed his mind as of yet. The investing legend’s current portfolio includes a 10.2 million share position in the SPDR Gold Trust (ETF) (NYSEARCA:GLD) exchange traded fund. The SPDR Gold Trust position is unchanged from last quarter’s filing.

This continued bullishness on gold stands in apparent contrast to Paulson’s words at an investors meeting in November of last year. According to Bloomberg, Paulson told clients at the annual meeting Nov. 20 that he personally wouldn’t put additional money into his gold fund because just when inflation will pick up is unknown and could be several quarters away.

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Paulson held on to gold mining stocks

Paulson also stood pat on his significant positions on a number of gold mining stocks. Positions in Agnico Eagle Mines Ltd (NYSE:AEM) (TSE:AEM) (1,011,880 shares), Allied Nevada Gold Corp. (NYSEMKT:ANV) (TSE:ANV) (1,502,184 shares), AngloGold Ashanti Limited (ADR) (NYSE:AU) (31,413,135 shares), Gold Fields Limited (ADR) (NYSE:GFI) (6,529,748 shares) and IAMGOLD Corp (NYSE:IAG) (TSE:IMG) (3,863,912 shares).

Paulson & Co. also continued to hold onto a major 15.5-million share position in Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX).

Added General Motors

Today’s SEC 13F filing also reveals that Paulson (like several other well-known investors) has recently taken a 1,865,706 share position in General Motors Company (NYSE:GM). Paulson also controls another 3.4 million General Motors shares with positions in 2016 and 2019 GM warrants.

Note that 13F filings only include the positions of the filer as of Dec 31, 2013, and that the positions might have changed or been sold completely today. 13F filings also do not necessarily include company holdings in other classes of securities such as options and warrants.

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