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There's nothing like a quick profit. Hedge fund manager, John Paulson, made $45.3 million in five weeks in a single gold trade. Bloomberg reports he owns 10.3 million shares of Detour Gold (DRGDF). Since purchasing the shares in October, they soared 35% to close at CAD $18 per share in Toronto.
Paulson, who manages $30 billion, has invested heavily in several gold companies. He is the largest shareholder of Anglo Gold Ashanti Ltd. (AU) with 12% of the company's stock. He also has stakes in Kinross Gold Corp (KGC) and Gold Fields Ltd. (GFI).
Paulson has ridden the wave of a strong bull move in gold. Gold has risen 34% this year. In addition, Paulson's ability to purchase a controlling interest in a company like Detour Gold virtually ensures against bear raids on his position. This leaves the buyers with a free ride on the upside.
If you want to speculate in gold shares, Paulson says that Gabriel Resources (GBRRF) could triple if the company opens a gold mine in Romania.
Paulson intends to open a gold fund next year.
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