Hedge Funds Unloading Gold as Prices Continue to Drop

September 17, 2013 Marcus Black Hedge Fund News

Gold-Bar.jpgGold, the traditional hedge against inflation for many investors, is being dropped like hot potatoes by many of the largest money managers in the country. The managers have been unloading at a fast pace during the second quarter as the spot prices of the world’s biggest gold exchange-traded fund SPDR Gold Trust free-falls.

•    JP Morgan Chase: Sliced off 1.6 million shares in the SPDR Gold Trust during the second quarter, leaving 8.6 million shares still in the kitty. As of June 30 those shares were valued at $1.1 billion.
•    Northern Trust Corporation: Reduced its gold investment by a huge 72 percent, translating into 4.99 million shares shrunk to a mere 1.9 million. The value is about $246.5 million.
•    Wells Fargo and Co: Sold off 738,039 shares, leaving them with 1.4 million worth $179 million
•    TD Asset Management Inc: Cut their investment by 1.05 million shares, representing an investment reduction of 59 percent.
•    Investor Gruss & Co: Going against the trend, this manager added 10,000 shares to its stake in gold during the second quarter concluding the quarter with 91,030 shares.

Investor Gruss & Co, JP Morgan Chase, Northern Trust, TD Asset Management, Wells Fargo,

Comments are currently closed.


Powered by WordPress. Designed by elogi.