The hedge fund run by John Paulson, one of the world’s highest-profile gold bulls, has sold more than half its shares in the largest exchange traded fund backed by the metal, according to a regulatory filing.

监管文件显示，约翰·保尔森(John Paulson)管理的基金抛出了其在全球最大黄金ETF（交易所交易基金）中持有的半数以上的份额。保尔森是全球最知名的黄金多头之一。

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.

保尔森公司(Paulson & Co)在第二季度出售了其在SPDR Gold Shares中持有的约相当于110万盎司黄金的份额。不过，知情人士表示，该公司通过在场外交易(OTC)市场上买入黄金掉期，抵消了很大一部分出售的黄金ETF份额。

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

自保尔森在2009年积累起大量黄金头寸以来，这名基金经理在黄金市场上的一举一动一直受到密切关注。保尔森曾因预见到美国住房市场的崩盘而赚了数十亿美元，2009年时，他开始允许自己基金的投资者将他们所持份额的计价单位从美元转换为黄金。

The 21 per cent tumble in gold so far this year has hurt Mr Paulson, who has denominated much of his own wealth in gold, as well as attracting publicity even as many of his other investments performed well.

今年迄今，金价已下挫21%，保尔森也因此蒙受了损失（他个人的财富多以黄金计价）。尽管他的很多其他投资都表现良好，但这件事还是让他成为了公众热议的焦点。

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.” Paulson & Co’s decision to shift a chunk of its gold holdings out of the ETF and into the OTC market reflects the relative costs of the two, the person familiar with the matter said.

不过，保尔森对黄金的信心并没有动遥上月他对CNBC表示：“持有黄金的理由依然存在。日复一日印钞的后果将是通胀。假以时日，通胀指标将开始升高，黄金的需求也会再次增长。”知情人士表示，保尔森公司把所持大量黄金ETF转换为场外交易产品的决定，反映出了这两种产品之间的相对成本。