Greenlight Capital Re Ltd., the reinsurer that counts hedge fund manager David Einhorn as its chairman, cut an investment in gold in the three months ended June 30 as prices fell into a bear market.
The reinsurer had about $50.5 million of commodities at the end of the second quarter, compared with $90.3 million on March 31, according to a regulatory filing Monday.
The “decrease in commodities was due to a decline in the price of gold combined with the disposal of a portion of our physical gold holdings,” the Cayman Islands-based reinsurer said in the filing.
© Copyright 2014 Bloomberg News. All rights reserved.