Hedge fund luminaries are lining up behind gold again

Section:

By Jack Farchy, Nishant Kumar, and Ranjeetha Pakiam
Bloomberg News
Sunday, May 17, 2020

Forget plunging oil prices and a collapse in consumer spending. Some of the most-prominent investors are raising alarm bells over the looming threat of inflation, and turning to gold for protection.

Money printing by central banks and vast state stimulus packages are rekindling interest in one of the oldest stores of wealth. It's a revival of a trade that became popular in the wake of the 2008 crisis, as money managers piled into gold for similar reasons, but were ultimately disappointed as inflation was kept in check.

Yet the unprecedented scale of the government response to the coronavirus crisis is feeding the argument that this time will be different.

... Dispatch continues below ...



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Hedge fund luminaries including Paul Singer, David Einhorn, and Crispin Odey are among those bullish on gold, according to recent letters to investors. So are large asset managers like Blackrock Inc. and Newton Investment Management.

"Gold is the only escape from global monetizing," Odey wrote. Gold futures were the third-largest position held by his flagship Odey European Inc. fund at the end of March. "In the short term, the money will be made on the inflation bet." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-05-17/hedge-fund-luminaries...

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