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Stubborn hedge fund titans continue making bets on gold
Most fund managers have finally thrown in the towel on gold — but not hedgie titans John Paulson and David Einhorn. Money managers are “net short” gold for the first time since 2006, according to a weekly Bank of America Merrill Lynch report released Monday. That means most hedgies and mutual fund managers are bearish on the yellow metal, which has been tanking in recent weeks on dollar strength — and is down more than 7 percent this year. On Tuesday, gold closed at $1095.10 an ounce, down by $1.80. But Paulson and Einhorn are two of the big names staying the course — and paying a steep price for it. ... (full story)
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