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$5 Billion Hedge-Fund Firm Switches Holdings To Physical Gold
Saijel Kishan
Bloomberg
Wednesday, July 15, 2009
Greenlight Capital Inc., the $5 billion hedge-fund firm run by David Einhorn, told investors it switched all of its holdings in a gold exchange-traded fund into bullion during the second quarter.
“At a minimum this will provide some savings as the costs of storing gold are less than the fees” for the SPDR Gold Trust, the New York-based firm said yesterday in a letter to investors.
(ARTICLE CONTINUES BELOW)
Einhorn, 40, told clients in January he was buying gold for the first time amid the threat of inflation from higher government spending. The firm, started in 1996, held 4.2 million shares of SPDR Gold Trust in the first quarter, making the gold- backed ETF its biggest holding. Gold has climbed 5.8 percent this year.
The firm’s Greenlight Capital LP fund gained 16.3 percent in the second quarter, bringing its return this year to 21.5 percent boosted by investments in Ford Motor Co. debt, according to the letter, a copy of which was obtained by Bloomberg News. The fund lost 23 percent last year.
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23 Responses to “$5 Billion Hedge-Fund Firm Switches Holdings To Physical Gold”
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July 15th, 2009 at 12:57 pm
This is a step in the right direction (especially for us miners), but ETF? Will the bullion be there when it is demanded by your clients? At least mix the holdings; with that kind of bread, open a new secured vault – with a ton of gold and insurance. ETF’s only allow the same overleveraging as notes and letters of credit.
Fuck that. Give me the bricks straight from the MotherLode!
July 15th, 2009 at 12:59 pm
Christ !!!
I am retarded!
From ETF -TO- the bullion! Hell, yeah!
July 15th, 2009 at 2:23 pm
This is a very wise idea! This hedge fund knows about the NWO.
No to NWO Reply:
July 15th, 2009 at 6:25 pm
No doubt.
July 15th, 2009 at 2:38 pm
[...] $5 Billion Hedge-Fund Firm Switches Holdings To Physical Gold [...]
July 15th, 2009 at 4:00 pm
They just want dookie rope gold chains for when the apocalypse comes…
iblowminds.com
July 15th, 2009 at 4:08 pm
To quash any and all beliefs that plans for a new world currency does not exist, all one needs to do is go here!! http://www.futureworldcurrency.com
Uncle Sam Reply:
July 15th, 2009 at 5:40 pm
Thanks for the link, I wanted to see the reverse image. I am down with any currency that has a GUARANTEED MINERAL CONTENT of monetary value. I see nothing on the site that expresses the composition of the piece.
Do you know what it is made of?
July 15th, 2009 at 4:22 pm
question? if we move to a world reserve currency will this not make gold decline in value other than use for industry?
Uncle Sam Reply:
July 15th, 2009 at 5:33 pm
In time, but to remain par as the ‘principle currency’, whatever that par may be. But in the mean time, a world currency would cause the dollar to crap hard, cause gold to appreciate against it. If the international currency causes our inflation of the US dollar, and it will, a basket of eggs may cost 500 bucks, but it will be a lot easier to take your gold (now worth .25 mil/oz) and pay off your house!
Long live the miners! Diver down!
Swede1 Reply:
July 15th, 2009 at 10:59 pm
FDR during the depression did not honor gold. I hope Im wrong but they are using alot of his playbook. Im buying food seeds, hybrids cause if this whole thing crashes, you cannot eat gold and people will be using gold in exchange for food and supplies. may as well have the necessities off the bat IMO. I do hope that gold investments fare well as I will have the food and will be collecting the gold!…lol…
Swede1 Reply:
July 15th, 2009 at 11:01 pm
I wonder how much much gold i can collect in exchange for a thousand rounds?
July 15th, 2009 at 5:03 pm
Their system needs to become obsolete and the U.S. Constitution re-instated! There is a path to FREEDOM!!!
http://www.warnthepeople.org/be-prepared.html
Madman Reply:
July 15th, 2009 at 5:31 pm
Hell, I almost jumped for joy when I heard shots were being fired in the Capital.
Sadly a false alarm.
The only solution, is revolution.
July 15th, 2009 at 5:18 pm
Why all the gold? Not so much that your ears hear the advertisements to buy gold but your eyes are over exposed to sell. Call now @ all hours & we will send you your gold Kit! Put it into the bag & mail it in, its that easy! Think.
July 15th, 2009 at 5:39 pm
My response has been removed. Its happened before. Would you like to email me and admit your folly? Remember info inmates, this site keeps a data base of name, mail & your response. Prepare to be profiled & pinpointed!
July 15th, 2009 at 7:45 pm
Solid gold in your hand is the ONLY way to go. I dig what little I have out of the ground. “You shall make your bread by the sweat of your brow”. That old nasty 4-letter word- “work”.
July 15th, 2009 at 8:19 pm
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July 15th, 2009 at 9:26 pm
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July 16th, 2009 at 1:16 am
it is illegal to hold bullion. i wish to file suit. attorney contact me.
July 16th, 2009 at 1:29 am
I hope this firm is only using the gold to trade during the currency’s volatility. If they’re stuck holding all that gold and the bubble bursts, all their investors will be as happy as AIG customers.
http://www.avaresearch.com/art.....s-291.html
http://www.avaresearch.com/art.....s-293.html
http://www.avaresearch.com/art.....s-299.html
July 16th, 2009 at 4:42 am
From what I saw inflation seems to keep even with interest. And when you lose money you could be down for a long time.
Gold is the standard that keeps up with inflation. Don’t be greedy; put a significant portion of your money into gold.
July 16th, 2009 at 5:20 am
one thing i can bet on is all the fake numbers in number accounts created by greedy useless bastards will be way to much to match the actual ounces of gold on this planet