Paul Singer’s Elliott Management reportedly called gold ‘one of the most undervalued’ assets around, as hedge funds bet big on the precious metal

Paul Singer’s Elliott Management reportedly called gold ‘one of the most undervalued’ assets around, as hedge funds bet big on the precious metal

Hedge funds are betting on gold in 2020 as an attractive way of getting returns amid unprecedented central bank stimulus during the coronavirus pandemic, the Financial Times reported Tuesday.. Elliott Management, which reportedly gained about 2% in the first quarter from profits in gold positions, said in a letter to investors that gold is "one of most undervalued" assets available, the FT said.. Elliott Management, Caixin Associates and Dymon Asia Capital are among the funds to bet on gold so far in 2020, the FT said.. The hedge fund gained about 2% in the first quarter from profits in gold positions, the newspaper added.. Caixin's global fund is up 15% so far this year, while its macro fund gained nearly 17%, the FT said, citing an investor.. Many analysts forecast an increase in gold prices in the coming months as a result of the coronavirus pandemic..