Former Texas Congressman Ron Paul is known for his full-throated endorsement of gold as money. And he’s put his money where his mouth is by investing in a lot of it.
Last year during the presidential election, The Wall Street Journal reported on Paul’s financial disclosure.
The Congressman’s portfolio was heavily weighted with precious metals. Last year we learned that a shocking 64 per cent of Paul’s $2.4 to $5.5 million portfolio is tied up in precious metals like gold and silver.
At the time, people were gushing at how smart of a move that was in that market.
But today, gold is getting massacred — it’s been said to be in a “death cross,” the market rally means prices are sliding, and sellers are getting desperate — and Paul’s investments seem to be tanking too.
Via Google Finance, here’s what has happened to three of Paul’s largest holdings — Barrick Gold, Goldcorp and Newmont Mining — in the past 6 months. Losses of over 20% on each:
Photo: Google Finance
Paul has investments in 23 other miners — many of them small Canadian risky “juniors” — so it’s doubtful he’s doing much better with the rest of the portfolio.
Of course we don’t know for sure that he hasn’t — since leaving politics — taken his money out of gold and put it all in Google. But that seems unlikely.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.