Paulson sells third of his bullion

Hedge fund manager and long-time gold bull John Paulson slashed his bullion holdings by a third in the third quarter, data showed, dampening sentiment in the gold market yesterday. Paulson & Co cut its holding in the SPDR Gold Trust to 20.3m shares from 31.5m at the end of the second quarter, US regulatory filings revealed. The sale is equivalent to about 1.1m ounces of gold worth about $1.94bn, based on current prices. Paulson held on to his large bullion investments earlier in the year after billionaire financier George Soros liquidated almost his entire $800m stake in gold in the first quarter.