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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Hedge Funds Increase Gold Wagers as Leading Firm Anticipates Decline

Jul 29, 2013
Joey Peters

Per Bloomberg, Hedge Funds raised their stakes in a potential gold commodity rally as news emerged that the Federal Reserve will hold off on curbing stimulus funds - prompting a price spike and largest gains in 18 months. Goldman Sachs Group, however, contends the rally will reverse.

Money managers increased their net-long position by 26 percent to 70,067 futures and options as of July 23, U.S. Commodity Futures Trading Commission data show. The fourth consecutive weekly gain is the longest streak since October. Bullish wagers across 18 U.S.-traded commodities gained 7.4 percent to 615,140. Investors more than doubled bets on lower corn prices to a record net-short holding, per the article.

Gold futures rose 8.6 percent in July, heading for the largest monthly gain since January 2012, as Fed Chairman Ben S. Bernanke damped speculation that a cut in bond purchases is imminent. The metal remains in a bear market, reached in April, and is heading for the first annual loss in 13 years after some investors lost faith in bullion as a store of value.

Goldman said July 22 that prices are likely to decline- stating prices will decline as the U.S. economy improves that will produce a “less accommodative monetary policy stance,” per the article.

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