Owie wowie hedge funds are moving into gold sector Hedge funds bet on gold as refuge from 'unfettered' currency printing
By Laurence Fletcher and Henry Sanderson
Financial Times, London
Tuesday, May 5, 2020
Some of the largest hedge funds are raising their bets on gold, forecasting that central banks' unprecedented responses to the coronavirus crisis will lead to devaluations of major currencies.
Paul Singer's Elliott Management, Andrew Law's Caxton Associates, and Danny Yong's Dymon Asia Capital are all bullish on the yellow metal, which has risen around 12 percent this year. They are wagering that moves to loosen monetary policy and even directly finance government spending, intended to limit the economic damage from the virus, will debase fiat currencies and provide a further boost to gold.
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