Gold advanced to the highest level in more than three months as speculation the U.S. economic recovery will slow spurred demand for a haven. Silver headed for the longest run of gains since at least 1968.
Hedge funds raised bullish gold wagers to a three-month high as signs of slowing U.S. economic growth spurred demand for haven assets. Billionaire John Paulson maintained his bullion holdings last quarter.
Billionaire hedge fund manager John Paulson, who backed away from his bullish bet on gold last year, kept his holdings of the metal unchanged in the fourth quarter as prices capped the biggest annual drop since 1981.
John Paulson, the hedge-fund manager who profited last year with bets on merging companies, stands to gain $141 million on Time Warner Cable Inc. shares from yesterday’s price after Comcast Corp. agreed to acquire it.
On Feb. 4, executives of cable operators Comcast Corp. and Charter Communications Inc. gathered at the Manhattan offices of law firm Wachtell Lipton Rosen & Katz to discuss Charter’s bid to buy Time Warner Cable Inc. It proved to be the final straw for Comcast and its chief executive officer, Brian Roberts.
Gold posted the longest rally since July 2011, topping $1,300 an ounce for the first time since November, after signs of faltering U.S. economic growth added to the increasing investor appetite for haven assets.
CNO Financial Group Inc., the insurer that counts John Paulson’s hedge fund firm among its biggest investors, gained in New York trading after announcing a deal that will limit the risk of losses from long-term care policies.