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Jul 30 2013 | 11:07am ET
Greenlight Capital remains a believer in gold, despite its reinsurance arm's move to reduce its exposure to the precious metal.
Greenlight Capital Re, which invests its premiums with the hedge fund, said its commodity holdings had fallen by almost half in the second quarter, both due to the precipitous drop in gold's price and its sale of some physical gold holdings. But in a conference call for the reinsurer, Greenlight chief David Einhorn said that his bullish views on gold have "not changed."
Einhorn said Greenlight had equal exposure to both physical gold and to gold miners, and that it was unhedged.
Einhorn also reiterated his faith in General Motors, saying it is "poised for rapid earnings growth," and remaining committed both to Apple Inc. and to his short bet against Green Mountain Coffee Rosters.
Greenlight Capital Re said its investments made 2% in the second quarter.