Hedge fund manager and long-time gold bull John Paulson cut his gold ETF bullion holdings by about $600 million in the fourth quarter, a second straight reduction that was likely driven by client redemption needs as he remained upbeat on the metal.

Paulson & Co cut its holding in the SPDR Gold Trust to 17.3 million shares as of the end of the fourth quarter versus 20.3 million in the third, a U.S. regulatory filing showed late on Tuesday. The reduction is equivalent to about 330,000 ounces of gold, worth almost $600 million based on current prices.

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