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NEW YORK: investors in David Einhorn's Greenlight Capital Management's offshore gold fund were down 11.8 percent in June, bringing their year-to-date losses in the fund to 20 percent, two sources close to the matter said on Sunday.
GEORGE TOWN: The Penang Goldsmith Association (PGA) is projecting the value of Malaysia’s gold jewellery exports to be about RM4bil for 2018, a decline of about 40% from the RM6.7bil achieved in 2017. PGA says decline is due to 5% value-added tax imposed by UAE.
PETALING JAYA: Gold appears to have regained its lustre in recent weeks, as the US dollar continues to weaken.
The price of gold may have dropped 26.16% over the last two years, from a high of US$1,889.70 in August 2011 to US$1,211.60 an ounce in August 2013, and demand may have declined too, but the exit from the gold market has largely been from gold-denominated ETFs (exchange traded funds) with demands for physical gold remaining very high.
NEW YORK: Hedge fund Paulson & Co in Q1 maintained its stake in SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund as bullion prices rebounded from their biggest annual loss in 32 years in 2013, while PIMCO dissolved its gold ETF investment.