John Paulson's faith in gold unshaken despite ETF sale

However, Paulson & Co offset much of its sale of about 1.1m ounces of bullion held in SPDR Gold Shares in the second quarter by buying gold swaps on the over-the-counter market, according to a person familiar with the matter.

Mr Paulson's activities in the gold market have been religiously followed since the hedge fund manager, who made billions correctly predicting the US housing crash, accumulated a large quantity of the metal in 2009, when he started allowing investors to denominate their holdings in gold rather than dollars.

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However, his faith in gold remains unshaken. "The rationale for owning gold has not gone away. The consequences of printing money over time will be inflation," he told CNBC last month. "Over time, indicators of inflation will start to rise, and demand for gold will increase again."