Sat, Aug 1, 2015
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. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  3. Other Voices: Same day reporting and the evolving role of fund administrators[more]

    By: Scott Price, Head of Business Development and Client Management for North America, Maitland Ernst & Young’s latest glob

  4. Cowen Group, Inc. to acquire Conifer Securities[more]

    Cowen Group, Inc. and Conifer Securities, LLC had announced the signing of a definitive agreement under which Cowen will acquire Conifer Securities, the prime services division of Conifer Financial Services LLC. The transaction, the terms of which have not yet been disclosed, was approved by the boa

  5. Cargill’s Black River Asset to shut down four hedge funds[more]

    Komfie Manalo, Opalesque Asia: Cargill Inc.’s $7.4 billion Black River Asset Management said it was closing four hedge funds with a combined $ 1 billion in assets and start returning investors money over the next several months, various media said. The hedge funds represent 15% of Black River’

 

banner