It seems that investors aren’t convinced that John Paulson has the Midas touch. The hedge fund manager has been having a hard time getting investors to pony up for his gold fund, The Wall Street Journal reported.

When news broke that Mr. Paulson’s firm, Paulson & Company, planned to start a fund to to capitalize on the gold rush, some gold traders were betting that Mr. Paulson would be able raise billions of dollars for the venture and that the fund might even push gold higher, The Journal said.

But after months of investor meetings, Mr. Paulson has raised just around $90 million for the gold fund, The Journal said, citing people close to the matter. The Journal noted that investors have been shying away despite Mr. Paulson having injected $250 million of his own money into the fund.

Furthermore complicating fundraising for the hedge fund manager is the fact that the fund has lost about 10 percent since it launched in January, the newspaper reported, citing investors.