Wed, Jan 18, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Some are dumping gold as price continues to slump

Monday, May 20, 2013

From Precy Dumlao, Opalesque Asia – Gold prices are declining and some investors are losing faith in the metal, although not all of them.

A report by the Sydney Morning Herald says that George Soros had sold his gold holdings in the last quarter and that Goldman Sachs Group predicted more declines after the longest slump in four years. According to U.S. CFTC data, the Soros and Goldman Sachs funds and other large speculators held 74,432 short contracts on May 14 (and 67,374 a week earlier), SMH reports, and the net-long position dropped 20% to 39,216 futures and options, the lowest since July 2007. On Monday (May 20), the price of gold fell 1.5% to $US1,338 an ounce, the lowest price since April 18, and traded at $US1,348 in Singapore .

Furthermore, in Australia, seven of the ten worst performing stocks are gold mining firms, the report adds.

Last Monday, Bloomberg reported that hedge funds had increased their bets on lower gold prices after investors pulled a record $20.8bn from bullion funds this year.

"I think hedge funds have begun accepting the fact that deflation is a bigger threat to the U.S. economy now than inflation. So, the argument of owning gold as an inflation hedge no longer holds water," Adam S......................

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. Southpoint Capital gains 3.8% in Q3, bringing year-to-date returns to 5.2%[more]

    From Valuewalk.com: Southpoint Capital Advisors, the $3 billion New York hedge fund founded by former employees of David Einhorn’s Greenlight Capital, added 3.8% net during the third quarter of 2016, bringing year-to-date returns to 5.2% and cumulative returns since inception (July 2004) of 237.4% a

  2. The Big Picture: The case for emerging market debt in 2017[more]

    Benedicte Gravrand, Opalesque Geneva: Emerging market (EM) assets outperformed in 2016 mainly because of stronger fundamentals and an improving international environment, with GDP picking up speed, leading to positive earnings revisions for the first time in five years,

  3. Short Selling - Long-short hedge funds are ditching the shorts to focus on longs[more]

    From Bloomberg.com: What happens when you take the "short" out of a long-short trading strategy? Some hedge funds are about to find out. Equity long-short fund managers, the biggest category in hedge funds, hold the fewest bearish stock bets on record, data compiled by Credit Suisse Group AG s

  4. SWFs - China sovereign wealth fund CIC plans more U.S. investments[more]

    From Reuters.com: China Investment Corporation (CIC), the country's sovereign wealth fund, is looking to raise alternative investments in the United States due to low returns in public markets, its chairman said on Monday. CIC will boost its investments in private equity and hedge funds as wel

  5. Some hedge funds strong start in 2017 nice contrast to 2016[more]

    With the 2016 HSBC Hedge Weekly performance rankings in the books - a year in which the same leader-board entries pretty much dominated unchallenged throughout the year - comes a new leader board that is a hard-scrabble mix of hedge fund styles and categories. What is clear after but a few short wee