![]() In a research note this week, Ray Dalio’s $141 billion Bridgewater Associates wrote that while the magnitude of the selling in gold was surprising, much of it was driven by selling by “weak” and leveraged hands. Next week he intends to update his clients about all of his funds, including a fund dedicated specifically to investing in gold, several sources said. The sharp slide appears to have caught a number of hedge fund managers like Paulson by surprise. This year investors have pulled $10 billion out of the gold ETF as of Wednesday, said financial information firm Markit. Shares of companies tied to the performance of gold, including the SPDR Gold Trust, the biggest gold exchange-traded fund, also have fallen sharply. ![]() The precious metal has fallen 17 percent this year, including a 13 percent drop in April alone. Gold is one of the worst performing assets this year after rising mightily following the financial crisis. The fund’s substantial holdings in several gold mining stocks, including a bet on AngloGold Ashanti Ltd, which is down 40 percent this year, have dramatically cut into the Advantage fund’s returns. The Paulson & Co Advantage fund is making money for the year, but just barely, with a 1.3 percent gain, the source said. Gold bars are displayed at the Ginza Tanaka store in Tokyo April 18, 2013.
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