November 20, 2009
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Gold & other metal miners crashing for 2nd straight day after its made known that Billionaire John Paulson is buying gold? So that means more people betting against Billionaires like Paulson & Buffett
NEW YORK (CNNMoney.com) -- Billionaire John Paulson, who earned his hedge fund billions when he bet against the housing bubble, is waging a new noteworthy bet.
Paulson is investing as much as $250 million in a new gold fund next year.
His hedge fund, Paulson & Co., will launch the fund Jan. 1, 2010 and will buy shares of gold miners and make other investments related to the precious yellow metal, a source familiar with the firm's plans told CNNMoney.com. Paulson discussed the fund at a meeting with investors on Tuesday.
It will aim to outshine record-breaking gold prices, which have been hitting all-time highs recently as the dollar has weakened, fueling inflation fears.
Although the minimum investment for the gold fund in unknown, hedge funds usually require a minimum $1 million investment to get into the fund. Most of Paulson & Co. funds are focused on institutional investors.