- The hedge fund led by longtime gold bull John Paulson rips the big gold mining companies for their "dreadful" performance, calling for the world’s biggest investors in the stocks to team up for joint shareholder action to provide a "real voice" in challenging the group.
- Speaking at the Denver Gold Forum, Paulson & Co. partner Marcelo Kim says the fund is looking for fellow founding members for a body to speak out on issues including high executive pay, cozy board appointments and value-destroying mergers and acquisitions.
- Kim says average total shareholder returns from gold mining investments are 65% in the red since 2010 during a period when the gold price rose by 20% and the price of oil - a major input cost for gold miners - fell by 28%, and the CEOs of 13 of the largest companies have received a cumulative $550M in pay.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GOEX, SGDM, ASA, SLVP, RING, TGLDX, PSAU, GDXX, GDXS, MELT, GOAU
- Now read: Sentiment Speaks: Anthony Weiner 'Caused' Movement In The Metals On Monday
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