SAC Capital Partners Bets $240 Million On Gold, Silver, & Mining Shares
Tekoa Da Silva reports:
While the mainstream media continues to spew out bearish news and headlines on precious metals and (especially) mining shares, SAC Capital Partners LP, a $20 billion dollar group of hedge funds founded byStephen A. Cohen, quietly positioned itself in over $240 million dollars worth of gold, silver, and mining share investments during Q4 2012.
Of great interest is the structure of those positions. They are indicating, that the firm is expecting a massive spike in both gold and silver, as well as a staggering move higher in the mining shares.
Starting out, the firm increased it’s holdings in gold and silver mining shares from roughly $54.9 million, to $122.2 million, a total increase of over $65 million. Companies included many of the major producers such as AngloGold, Barrick, Goldcorp, and surprisingly, included junior producers, such as Fortuna Silver Mines Inc and Timmins Gold Corp.