Hedge fund guru John Paulson is making a big move into gold, launching a new fund that focuses on shares of gold miners and other gold-related shares and gold derivatives, The Wall Street Journal reports.

Paulson’s hedge fund is already a “major holder” of gold shares, including AngloGold Ashanti Ltd. and Kinross Gold, according to the Journal, which, citing the fund’s investors, says that Paulson has more than 10% of his $30 billion or so under management in gold-related investments. At an investor meeting Tuesday, Paulson said the bull run is only beginning for gold, and that he plans to personally invest as much as $250 million in the new gold fund he’s creating, the Journal reports.

Paulson is also very high on Bank of America stock, according to the Journal, which reports that he expects the stock to almost double from its current level by the end of 2011.