
Paulson Inadvertently Kills Gold
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Paulson Inadvertently Kills Gold
We aren’t going to bother telling you the news on Goldman Sachs being charged by the SEC with fraud over mortgage products. The notion that hedge fund Paulson & Co. is being implicated and tied to this fraud does have serious implications elsewhere. Whether it ultimately has any impact is still unknown, but the Paulson-Goldman angle is taking its toll on the gold market today. This is hitting SPDR Gold Shares (NYSE: GLD), NovaGold Resources Inc. (NYSE: NG), Kinross Gold Corp. (NYSE: KGC), AngloGold Ashanti Ltd. (NYSE: AU), and Gold Fields Ltd. (NYSE: GFI) directly as Paulson holdings. After these drops, even the non-Paulson companies will trade lower in sympathy.
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