Tuesday, July 3, 2012

John Paulson quote

Hedge fund manager John Paulson made his name (and a fortune) in 2007 shorting subprime mortgage bonds, but he had a rough 2011 betting on an economic recovery, specifically the housing industry.  Through it all, he's been on the long side of the gold trade.

“We view gold as a currency, not a commodity. Its importance as a currency will continue to increase as the major central banks around the world continue to print money.” He adds that as the market keeps shuddering, demand for gold will stay high, and soon enough all of his depressed gold holdings should shoot up. He also thinks that anyone in Greece, Italy, and France should pull all their money out of the banking system and purchase gold bars before the Continent collapses. –John Paulson, founder of Paulson & Co., in Business Week June 28, 2012

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