Hedge Fund Managers Gold
Hedge Funds Hold Strong on Bullish Gold Bets
Gold has dropped around 11 percent since the start of last week as liquidity-strapped investors scrambled to convert gold into cash amid fears over Greece's near-bankruptcy, likely hitting a number of hedge funds which have profited from its bull run in recent years.
However, the yellow metal is still around 7 percent above its level at the start of July, and is up 14 percent this year, leaving long-term holders comfortably in the black for now.
"I don't think... people who hold it as another currency... are changing their view," said Morten Spenner, chief executive of $2.8 billion fund of funds firm International Asset Management (IAM).
"For some people who are long-term holders ... and who have banged that drum, they're likely to take it (the price fall)," Spenner said, adding that short-term market volatility that put pressure on the price of gold would not sway managers to abandon their positions.
Some big-name hedge fund managers have been successfully betting on the gold price this year, including John Paulson and Paul Tudor Jones. Source
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