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... is around $1,100 per ounce. Close the position.

So the trading team started a busy operation. At two o'clock in the afternoon, all gold futures positions were closed. The closing price was around $1,110 per ounce, and the current account balance was $2.163 billion.

Then he left $363 million in the account and put the remaining $1.8 billion on a 5% margin ratio, or 20 times leverage, above $1,120 an ounce, and began shorting gold.

When John Paulson heard William Chen's reques ...

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