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Paulson, And Now Soros, Buy up Gold Miner
by Christopher Glynn ,Senior Reporter, March 8, 2010
Both John Paulson and George Soros are investing in NovaGold, a mining operation focused on discovering gold.
NovaGold announced it would issue stock to Soros. His purchase came after NovaGold made a similar statement that it was considering selling stock in itself to Paulson.
Soros is making a 16,636,364-share purchase at $5.50 a share. In March, NG proposed an 18,181,818 share sale to Paulson at an identical price.
The company, based out of Canada, is trading on the American Stock Exchange at $6.37 a share.
Soros, 80, had called a market bubble in gold in January. But his Soros Fund Management bought up stock in SPDR Gold Trust, an exchange traded gold fund which Paulson, via his Paulson & Co., is a big stakeholder. Soros upped his stake in the ETF on March 1.
Paulson has been dubbed a “gold bug,” slang for a hedge fund manager who invested in the precious metal as a hedge against inflation. David Einhorn and Paul Tudor Jones are also bullish on gold. Paulson & Co., headquartered in New York, has a fund dedicated to investing in gold.
Finding a hedge fund manager on par with Soros or Paulson is a tall order. Soros, a billionaire, is a hedge fund legend whose 1992 currency play netted him $1 billion. Paulson made a successful bet against subrime mortgage, turning Paulson & Co. into a $10 billion hedge fund into a $30 billion investment powerhouse in 2008.
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POLL OF THE WEEK
July 27, 2010
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