Sul giornale finanziario dell'ex sindaco di New York parlano ora di come i miners sono saliti troppo e come da Soros a UBS stanno scommettendo piuttosto sul metallo fisico (per loro vuol dire ETF come GLD) mentre hanno ridimensionato parecchio le posizioni su alcuni miners, saliti in media del quintuplo (5x !) rispetto a quanto e' salito il sottostante, l'oro.
(...) But now, many are worth twice what they were in 2015 -- after rising at almost five times the rate of the commodity -- so funds have begun unloading the equities while retaining or expanding holdings in physical gold.
The run-up has left major producers valued as if gold prices were 24 percent higher than now, Morgan Stanley estimates.
In media i miners sarebbero ora (prima dei crolli da 7-8-10% di jeri immagino) sopravvalutati di un 24% secondo MS.
UBS Group AG predicts better returns from bullion as low interest rates and sluggish global growth enhance the appeal of the metal as an asset. There are already signs of a shift by investors. While exchange-traded funds linked to precious metals saw a net inflow of $2.2 billion in the past month, the Bloomberg Intelligence Global Senior Gold Valuation Peers Index of 14 mining companies fell 7.4 percent.
I segni gia' si vedono: gli ETF vedono soldi in entrata mentre i miners hanno perso un 7% nell'ultimo mese
In the second quarter, Jon Jacobson’s Highfields Capital Management sold half its 2.5 million shares in Goldcorp Inc., while Global Thematic Partners shed all 1.95 million shares in Greenwood Village, Colorado-based Newmont, filings show. Adage Capital Partners sold more than half of its stake in Yamana Gold Inc. and 31 percent of Toronto-based Barrick, the largest gold miner.
Alcuni fondi hanno venduto meta' delle loro azioni Goldcorp, o di Yamana Gold, altri tutte le loro azioni Newmont ...
(...) One of the starkest examples of diverging sentiment between gold and the companies that produce was the second-quarter shift by Soros Fund Management. According to a government filing, the money manager sold almost all its stake in Barrick and bought 240,000 shares in SPDR Gold Shares, the largest exchange-traded fund backed by the metal.
Even some investors who take their trading cues from market-reading computer algorithms were exiting gold producers as the shares rallied in the quarter. Renaissance Technologies, a $32 billion New York hedge fund founded by Jim Simons, sold almost all its holdings in Goldcorp and Yamana and more than a third of its stake in Barrick during the three months ended June 30, filings show.
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