Hedge Funds Sticking with Gold
Source: Economic Times (9/27/11)
"The yellow metal is still up 14% this year, leaving long-term holders comfortably in the black for now."
The recent selloff in gold may not be enough to make some hedge funds with long-term bull positions change their views that the metal is still one of the best bets for profit in a perilous global economy.
Gold has dropped around 11% 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% above its level at the start of July, and is up 14% this year, leaving long-term holders comfortably in the black for now. . .View Full Article