On Tuesday, New York hedge fund Paulson & Co, founded by noted gold bull John Paulson launched a blistering attack on the world’s top gold mining companies over “serial value destruction” in the industry.

Speaking at the Denver Gold Forum, the sector’s most important gathering now in its 28th year, Paulson & Co partner Marcelo Kim called on major gold equity investors to join a coalition – dubbed the Shareholders Gold Council – to stop CEOs, boards and management enriching themselves at the expense of shareholders and prevent companies from embarking on the kind of acquisitions and budget blow-outs that according to Kim have destroyed $85 billion in value just since 2010.