 In November 2009 Paulson announced a gold fund focused on gold mining stocks and gold-related investments believing that the massive amount of balance sheet expansion from countercyclical monetary stimulus undertaken by the Federal Reserve and other central banks would eventually lead to inflation in the US dollar and other fiat currencies.In the words of John Paulson, "We view gold as a currency, not a commodity.Its importance as a currency will continue to increase as the major central banks around the world continue to print money."