Greenlight Capital reported a major increase in its exposure to gold as the hedge fund’s founder worries about the direction of the markets. In a Q3 letter to investors, David Einhorn expressed concern about geopolitical uncertainty, the rising price of oil, and inflation.
Greenlight famously shorted Lehman Brothers before its 2008 failure.
According to third-quarter 13-F filings with the Securities and Exchange Commission, Greenlight plunged $34.9 million into SPDR Gold Trust, the world’s largest gold-backed ETF. That increased the fund’s stake in the ETF by 89.2%, a record exposure to gold for Greenlight. The hedge fund also reportedly holds a significant amount of physical gold, which is not subject to 13-F reporting. There’s a difference between investing in gold-backed ETFs and physical gold. Learn more here. ETFs such as SPDR are backed by physical gold held by the issuer and are […]
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