“Hedge-fund manager John Paulson’s wager on gold wiped out almost $1 billion of his personal wealth in the past two trading days as the precious metal plummeted 13 percent. Gold’s tumble since the start of the year has cut his riches by $1.52 billion on paper. Paulson started the year with about $9.5 billion invested across his hedge funds, of which 85 percent was in gold share classes.  Paulson is sticking with his thesis that gold is the best hedge against inflation and currency debasement as countries pump money into their economies, according to the New York-based firm, which manages about $18 billion.”

http://www.bloomberg.com/news/2013-04-15/paulson-gold-bet-loses-almost-1-billion-chart-of-day.html

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