Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
Detour Gold Corp shareholders voted for five nominees of Paulson and Co and removed the interim CEO and Chairman, among others, from the nine-member board, the hedge fund said on Thursday, ending a months-long proxy fight.
Paulson, who owns about 6 percent stake in the gold miner, had nominated eight members to the board.
The company “unsuccessfully tried to boost short-term performance”.
The hedge fund had alleged that under interim CEO Michael Kenyon the company “unsuccessfully tried to boost short-term performance”, including “questionably running up its accounts payable to exaggerate cash flows.”
Detour did not immediately respond to a request for comment.
(Reporting by Shanti S Nair; Editing by Shinjini Ganguli)
