(Bloomberg) -- Billionaire John Paulson, the best- known gold bull since he started wagering on bullion more than three years ago, is backing away from his bet.

Paulson told clients at his firm’s annual meeting yesterday in New York that he personally wouldn’t invest more money in his gold fund because it’s not clear when inflation will accelerate, according to a person familiar with the matter. The hedge-fund manager, who has been betting that bullion would rally as a hedge against inflation and as recently as last year told clients that gold was his best long-term bet, has lost 63 percent year-to-date in the PFR Gold Fund, said the person, who was briefed on the returns and asked not to be identified because the information is private.

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