Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
U.K. retail traders are buying shares of Russia’s mining companies, according to broker AJ Bell Plc, after huge price drops following the country’s invasion of Ukraine and subsequent sanctions on Moscow.
Precious metals miner Polymetal International Plc and steel firm Evraz Plc are the two most-bought shares on AJ Bell’s platform over the past week, a spokesman for the investing company said by email. The shares rose as much as 42% and 63%, respectively, on Monday, before trimming gains.
The firms are among just a handful of Russian securities that U.K. stock investors can currently trade, after London Stock Exchange Group Plc last week suspended dealing in depositary receipts for firms like energy giant Gazprom PJSC and lender Sberbank of Russia PJSC in order to maintain an orderly market. Local stock trading in Moscow has remained closed since Feb. 25.
Some traders took to social media to talk up the mining stocks. “Golden opportunity that will never happen again,” one Twitter user wrote about Evraz.
(By Joe Easton)
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