Leading investor John Paulson yesterday (March 17th) revealed himself to be a gold bug after snapping up an 11 percent stake in South Africa-based AngloGold Ashanti.
Mr. Paulson, whose hedge fund reaped the rewards of betting against the subprime mortgage industry, has paid $1.28 billion for his slice of the world's third-largest producer of gold.
The news will come as a boost to anyone with a Gold Investment, as Mr. Paulson is seemingly in agreement with the view that the yellow metal represents a safe haven in the current economic climate.
Commenting on the news, AngloGold Ashanti chief executive officer Mark Cutifani said: "As the world deals with the global economic crisis, the value of gold, as the only true 'hard currency', is coming to the fore, as evidenced by the investment choices of some of the world's most seasoned investors."
The importance of Investing in Gold was also highlighted last week by Standard Bank, the biggest lender in South Africa, which suggested that major currencies look set to struggle further, thus reducing their investment appeal.
"While the financial environment remains poor and a number of currencies struggle under the weight of bloated balance sheets, gold is expected to remain an important element in portfolio management at the personal, professional and central bank level," it said in a note quoted by Reuters.
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