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Paulson makes new bet on gold

John Paulson, the investor who famously notched up $20m (£12m) profits for his hedge fund betting against the housing market between 2007 and 2009, is launching a gold fund. The vehicle will buy up mining shares, gold-related derivatives and other bullion-related investments, according to three sources close to the plan. Paulson said he expects to launch the fund on 1 January 2010.