Tags: David | Einhorn | Gold | Equities

Einhorn Long on Gold, Moves From Debt to Equities

Thursday, 28 Jan 2010 10:40 AM

Greenlight Capital hedge fund manager David Einhorn remains long on gold.

“The notable events supporting higher gold prices included continuing fiscal and monetary stimulus at ‘crisis’ levels even as the peak of the crisis passed a year ago,” Einhorn wrote in his fourth quarter letter to investors.

“There were also some bulk purchases of gold by emerging market central banks, particularly India, that appear interested in diversifying their reserves to include greater allocations to gold.”

Since inception in May 1996, Greenlight Capital has returned 1,397 percent cumulatively or 22 percent annualized, both net of fees and expenses.

The firm is presently moving out of successful debt investments into long equity positions.

Greenlight’s six largest disclosed long positions are now Arkema, Boston Scientific, CIT Group, Ford Motor Co. debt, gold, and Vodafone Group.

Over the course of the quarter, Einhorn added significant new long exposure via Boston Scientific, Delta Lloyd and Vodafone Group Greenlight's exposure levels were 95 percent long and 63 percent short (excluding credit derivatives, gold and foreign currencies).

Gold futures climbed as much as $10 an ounce on Globex today in Asian trading as weakness in the U.S. dollar and a drop in gold prices of more than 4 percent in the last three sessions helped lure investors back to the precious metals market, MarketWatch reports.

Gold for February delivery climbed to a high of $1,099.80 an ounce in electronic trading on Globex before easing back slightly to $1,098.60, up $8.90

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Greenlight Capital hedge fund manager David Einhorn remains long on gold. The notable events supporting higher gold prices included continuing fiscal and monetary stimulus at crisis levels even as the peak of the crisis passed a year ago, Einhorn wrote in his fourth...
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2010-40-28
Thursday, 28 Jan 2010 10:40 AM
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