“Macro hedge fund managers, despite their fat salaries, don’t have anything like a perfect record in predicting the direction of the market. If you’d bought gold and held it for 12 months in October 2018, when their positioning was the shortest on record, you’d have ended up with a 27% return.”
USAGOLD note: Some funds have turned sour on gold, it seems, but not all. Ficklin includes a section on “other reportables” (family offices, in-house hedge funds, affluent private clients) whose gross long position in gold exceeds that of “conventional funds.” That makes sense when you consider the number of top hedge fund managers who have given up managing other people’s money and now manage only their own. Too, how much would it take in this investment environment for the sour to turn to sweet? Not much, we would venture.
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