Einhorn Sees 'Substantial Disconnect' Between Gold Miners and Commodity (GDX) (GLD)
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Speaking on the Greenlight Capital Re (Nasdaq: GLRE) third-quarter conference call, hedge-fund manager David Einhorn is making some comments seemingly outside the context of the company's earnings report.
Einhorn, a known gold bug, said Greenlight is betting mining companies will outperform physical gold. The money manager believes there is a "substantial disconnect" between miners and the commodity.
The comments suggest Einhorn and Greenlight likely favor the Market Vectors Gold Miners ETF (NYSE: GDX) versus the SPDR Gold ETF (NYSE: GLD). The GDX is down 2 percent Tuesday afternoon; shares of GLD are down just 0.7 percent.
To track all of David Einhorn's calls, visit our David Einhorn entity page.
Einhorn, a known gold bug, said Greenlight is betting mining companies will outperform physical gold. The money manager believes there is a "substantial disconnect" between miners and the commodity.
The comments suggest Einhorn and Greenlight likely favor the Market Vectors Gold Miners ETF (NYSE: GDX) versus the SPDR Gold ETF (NYSE: GLD). The GDX is down 2 percent Tuesday afternoon; shares of GLD are down just 0.7 percent.
To track all of David Einhorn's calls, visit our David Einhorn entity page.
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