The timing for Paulson appeared opportunistic, as gold prices declined amid a global trade war as investors sought safety in the strong U.S. dollar and U.S. Treasuries.

Paulson & Co left its stake in SPDR Gold Trust unchanged at 4.3 million shares, though the value decreased to $512.6 million from $543.4 million in the prior quarter, a U.S. Securities and Exchange Commission filing showed on Tuesday.

SPDR Gold Trust is the world's biggest gold exchange-traded fund.

Paulson also left stakes unchanged in mining company AngloGold Ashanti Ltd though the value decreased to $104.9 million from $121.3 million.

Stakes in IAMGOLD Corp held by Paulson sharply dropped from 3.2 million shares worth $16.4 million in the first quarter to 1.9 million shares worth $10.7 million.

Paulson decreased RandGold Resources Ltd holdings to 331,700 shares worth $25.6 million from 431,700 shares worth $35.9 million.

Shares in NovaGold Resources Inc held by Paulson were unchanged, but the value increased to $97.9 million from $95.2 million.

Second-quarter spot gold prices declined more than 5 percent, pressured from a stronger greenback and expectations of rising U.S. interest rates amid a global trade war. [GOL/] [FRX/]

Gold is highly sensitive to rising U.S. interest rates because it does not pay interest, yet investors must pay to store and insure it. Since it is priced in the U.S. dollar, a stronger greenback makes the bullion more expensive for holders of other currencies.

Meanwhile, CI Investments Inc [CIXCI.UL], the investment arm of Toronto-based CI Financial Corp increased its SPDR Gold Trust holdings by 36.8 percent.

CI Investments sold its shares in Barrick Gold Corp, but increased its call options. It also decreased its holdings in Randgold Resources Ltd.

Quarterly disclosures of hedge fund managers’ stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are one of the few public ways of tracking what the managers are selling and buying.

But relying on the filings to develop an investment strategy comes with some risk because the disclosures come 45 days after the end of each quarter and may not reflect current positions. Still, the filings offer a glimpse into what hedge fund managers saw as opportunities to make money on the long side.

(Reporting by Renita D. Young; Editing by Jennifer Ablan, David Gregorio and DIane Craft)

By Renita D. Young