Posts tagged gold
Posts tagged gold
- Billionaire hedge-fund manager John Paulson, who last month considered a move to Puerto Rico to lower his tax bill, is starting a fund to help investors reduce the amount they owe to the U.S. government. Kelly Bit reports on Bloomberg Television’s “Money Moves.” (Source: Bloomberg)
This year’s sell-off in gold has been harmful for dedicated gold-bugs like hedge fund manager John Paulson but it has also hit managers like David Einhorn who is better known for his stock picks than his love of the yellow metal.
During the first quarter, however, Einhorn’s Greenlight Capital Management demonstrated just how much he and his investors have riding on gold as he recently listed it as the fund’s third largest position, an investor in the fund said.
Only bets on computer maker Apple, a long-time favorite with Einhorn, and General Motors, which he started talking about late last year, outranked his gold position in size.
During the first quarter, Einhorn returned 6.1 percent, keeping pace with many rivals including Pershing Square Capital’s William Ackman who was also up 6.1 percent. But they both lagged behind the broad Standard & Poor’s 500 index which climbed 10 percent.
Gold selling has continued in the second quarter, its price falling another 7 percent this month.
Einhorn, who is believed to largely own physical gold as opposed to shares in the exchange-traded fund, disclosed his top five holdings in a recent communication to investors.
Besides including gold in his main fund, Einhorn, like Paulson also has a dedicated gold fund. Paulson’s dedicated gold fund, the smallest in his lineup of portfolios, lost 28 percent during the first quarter.
Senate panel to use JPMorgan losses in bid to tighten Volcker rule
A Senate panel probing the multibillion-dollar trading loss by JPMorgan Chase plans to unveil its findings at a hearing to press regulators to tighten the Volcker rule, according to three people briefed on the matter.
Staff members of the Permanent Subcommittee on Investigations, headed by Sen. Carl Levin, D-Mich., have interviewed JPMorgan officials as well as examiners and supervisors at the institution’s regulator, the Office of the Comptroller of the Currency, said the people, who spoke on condition of anonymity because the inquiry isn’t public.
The Olympic Games may be over, but for some investors the gold rush is still on.
All eyes were on the mid-cap index today, where African Barrick Gold topped the table on news that Canada’s Barrick Gold, which has a 74pc stake in the company, is in talks to sell that holding.
The potential buyer of the business is China National Gold Group, which claims to be the nation’s biggest producer of the yellow metal. While African Barrick Gold surged as high as 14pc during trading and closed up 31.4 –or 8pc – at 425p, it did not distract investor attention from other London-listed gold producers.
Hedge fund biggie John Paulson, the world’s foremost gold bug, added to his precious metal hoard during the second quarter.
Gold now accounts for 44 percent of his entire stock portfolio.
The biggest increase was the additional 4.5 million shares of SPDR Gold Trust, a gold exchange-traded fund.
The firm reported a $3 billion decline in the value of its stock portfolio, to $12 billion for June 30, down from $15 billion on March 31, in the quarterly statements with the Securities and Exchange Commission that were filed yesterday.
SPDR Gold now accounts for $3.39 billion of Paulson’s entire portfolio, or 28 percent. The exchange-traded fund lost about 4 percent during the quarter.
Yanquan Zhang and Yuan Cao have won gold in the men’s diving. Getty Images Sport - Al Bello
Few Massachusetts spectators expected at London Olympics
The Olympic torch lands in London in two weeks, but don’t expect many Massachusetts spectators to make the journey.
So for those of you without a calculator handy, that’s $14,452 … just to see two ceremonies, a basketball game and a jumbotron. We’ll be watching from home, thanks!