During the first quarter, Paulson was also bullish in outlook in his outlook for gold-miners such as Barrick Gold Corp [ABX.TO 35.23 -1.42 (-3.87%) ] and IAMGold Corp [IMG.TO 9.48 -0.56 (-5.58%) ] , accumulating more shares in the companies.

Soros, Others Add to ETFs

Billionaire financier George Soros increased his position in SPDR Gold to nearly $52 million in the first quarter from $13 million previously.Last year, Soros, who had called gold "the ultimate bubble", had largely dumped his stake in the ETF before the metal ran up to a record peak of $1,920.30 per ounce in September.

Other major institutional investors, including PIMCO and the Teacher Retirement System of Texas, also boosted their GLD holdings during the quarter.

Eric Mindich's Eton Park Capital, which held only SPDR gold options during the fourth quarter, was back to holding to common shares as well.

Overall holdings in the SPDR Trust rose just over 8 percent in the first quarter, after a 2 percent gain in the fourth, according to data obtained from SPDR's website. Gold ETF holdings increased as the price of bullion rose more than 6 percent in the first quarter.