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Gold/Mining/Energy : Gold & Gold Stock Analysis
GLD 414.48+0.7%Jan 9 4:00 PM EST
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To: gold$10k who wrote (12713)3/20/2008 1:28:03 PM
From: patron_anejo_por_favor  Read Replies (3) of 29622
 
Interesting comment on the source of the selling in gold futures over the last 2-3 days:

Message 24424414

Much of the selling in gold was due to a giant macro hedge fund that had to sell positions in order to meet investor redemptions. John Meriwether, who if you remember was the guy who set up the Long-Term Capital hedge fund that blew up in 1998, apparently faced huge redemptions yesterday in a group of billion dollar hedge funds. His Relative Value Opportunity fund suffered a 24% loss in its fixed income fund. He also has a billion dollar macro hedge fund down around 9% this year. It is likely that he had to sell gold and commodity positions in this fund to meet redemptions or get off margin.

If true, this is a truly epic buying opp...kinda like buying up LTCM's positions (by GS then) when LTCM was unwound in '98.
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