Loading ...50-Cent” Shifts Away From VIX ‘Catastrophe Insurance’: “Gold Is Now The Right Place To Be For Battles Ahead”
Elsewhere, gold has been somewhat disappointing, with its performance weighed down by forced sellers.
But we think gold is the right place to be for the battles ahead.
In January – amid the roaring meltup in stocks – Ruffer proclaimed:
Having ‘come out’ as the infamous VIX-whale “50-Cent,” London-based fund manager Jonathan Ruffer has called it quits on his VIX-call-buying strategy:
“In sum, the catastrophe insurance did absolutely everything that might be expected of it. And it is now spent. It is likely to be some time before this insurance again prices at levels that makes it attractive as a defensive investment.“
The next defence was – and still is – a position in credit spreads.