Mon, Dec 5, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Hedge funds increased net bet on higher gold prices during last week’s selloff

Monday, April 22, 2013

From Precy Dumlao, Opalesque Asia – Hedge funds are piling up on gold despite the drop in prices, data from the U.S. Commodity Futures Trading Commission (CFTC) showed, BusinessWeek reported.

Indeed, gold prices plunged the most in 33 years last week. Data from the CFTC showed that hedge fund managers and other speculators had raised their gold net long positions by 9.8% to 61,579 futures and options in the week ended April 16. "Money managers cut the number of bets on lower gold prices by 8.2% during the week ended Tuesday, and left their amount of bets on higher prices nearly unchanged," confirmed Dow Jones.

The move to raise wagers on gold gives speculations that hedge fund manager John Paulson is on his way to recover the money he lost on his gold bets.

Last week, it was estimated that Paulson had lost almost $1bn of his personal wealth after the price of gold crashed. Some 85% of the $9.5bn Paulson invested across his hedge funds was reportedly held in gold share classes. The precious metal plummeted 9.3% on Monday last week to take two-day losses to 13%, according to Bloomberg.

Dan Denbow, a fund manager at the $1bn USAA......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. M&A - AllianzGI to acquire Sound Harbor Partners, SS&C completes acquisition of Wells Fargo's Global Fund Services business[more]

    AllianzGI to acquire Sound Harbor Partners Allianz Global Investors (AllianzGI), an active investment manager, announced that Sound Harbor Partners, a US private credit manager led by Michael Zupon and Dean Criares, have agreed to join its fast-growing Private Debt Platform. Under the te

  2. Europe - UK investors to pay more tax on money in offshore funds, Do you want to hand your money to super-algo or a Swiss banker?[more]

    UK investors to pay more tax on money in offshore funds From FT.com: Hedge funds in Dublin and Luxembourg are set to be hit by new rules that will force UK investors to pay more tax on the money they hold in offshore funds. As part of the government’s Autumn Statement on the country’s fi

  3. Hunt for yield pushes more investors into riskier assets[more]

    From FT.com: Pension funds and insurance companies have increasingly embraced riskier assets in their hunt for higher returns over the past five years. Alternative assets such as property, infrastructure, private equity and hedge funds have been bought up by institutional investors in a world where

  4. People - Nectar Financial hires senior investment team, Texas A&M replaces retiring foundation investment chief, Ex-Cadwalader partner Woolery makes another sudden exit, How to become a Python coder at a top hedge fund, by the co-CTO of Man AHL[more]

    Nectar Financial hires senior investment team Nectar Financial AG, a Swiss financial technology company for wealth and asset management, has announced that it has hired two key senior leaders to spearhead its digital asset management efforts. The company also announced that it has entere

  5. Activist News - Cognizant has introductory discussion with activist investor Elliott; to review letter, Starboard Value makes huge investment in Hewlett Packard, Hedge fund calls for removal of First NBC Bank CEO[more]

    Cognizant has introductory discussion with activist investor Elliott; to review letter From Indiatimes.com: Cognizant said it had an introductory discussion with Elliott Management after receiving the activist hedge fund's letter asking for a board shakeup, a buyback, a dividend and chan