Monday, 4 May 2015
Last updated 2 days ago
Mar 23 2010 | 12:22pm ET
Add a Russian commodity hedge fund that doubled investors’ money last year to the list of funds betting on gold.
Specialised Research and Investment Group’s Metal and Mining Fund is buying gold-mining companies in the expectation that the precious metal could soar almost 50% this year.
“$1,500 to $1,700 is not in the realm of craziness,” the fund’s manager, Ryan Dodd, said. Gold currently trades at about $1,100.
“The gold mining companies haven’t looked as attractive in terms of valuations in a year, or even five or six years, if you exclude 2008,” he told Financial News. Dodd credited currency and sovereign debt concerns for the soaring price of gold.
Certainly, Dodd’s track record couldn’t be better. The fund debuted in November 2008, and managed a 37.87% return in its first two months. It’s hot hand continued last year, when the fund soared 106.28%.
“Things were just going up,” Dodd said of the mid-cap companies that made up more than half of his portfolio in 2009. “I picked individual restructuring opportunities and tried to ride the wave higher.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…