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Touradji Moves Gold Bet To Gold Producer
November 16, 2009
Commodity hedge fund shop Touradji Capital Managament hasn’t lost its taste for gold, but it has restructured its bet on the precious metal.
The $2.7 billion New York-based hedge fund has amassed an US$84.7 million stake in Barrick Gold Corp., Bloomberg News reports. At the same time, Touradji sold off its entire investment in the SPDR Gold Trust exchange-traded fund in the third quarter, which it had built up during the second quarter.
The stake in Barrick, a Toronto-based gold producer, accounts for more than 80% of Touradji’s relatively small equity portfolio.
The hedge fund also boosted its energy investments during the third quarter, adding to its Petrohawk Energy and Massey Energy stakes.
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