Exhilway turns bearish on gold, sells US $1.69 billion of holdings
“We are bullish on gold but we do not see immediate rise in gold prices. Gold is now being driven emotionally rather than fundamentally and we will not remain invested in gold under this kind of volatile trading environment,” said Larry Carlton, Chairman of Exhilway.
Exhilway sold their holdings at an average price of US $1788.10, near to the lifetime high of gold at US $1813. Exhilway have also asked its investors to be short in gold for a short term horizon.
Exhilway uses gold as hedging instrument in its managed futures strategy. Exhilway still holds gold worth US $270 million but this gold will remain untouched.
According to few company insiders, Exhilway may now buy silver as the unexpected rise is expected in the short term. Exhilway have raised its forecast for silver, expecting it to touch $42.50 by December, 2011.
Exhilway will buy silver future contracts worth US $1.10 billion on 17th August, 2011.
Exhilway is the sixth largest financial company in the world that masters in the art of proprietary arbitrage which includes global equity and commodity markets. Exhilway employs over 9500 people worldwide as of 2011.
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