Crone’s Citrine Fund Hires Ex-Touradji’s DiCenso, HommertMaria Kolesnikova and Agnieszka Troszkiewicz
Tony DiCenso and Andreas Hommert joined Citrine Capital Management LLC, a metals hedge-fund company, said founder and Chief Investment Officer Paul Crone.
DiCenso joined New York-based Citrine as an analyst and trader and Hommert is an analyst, Crone said today in an interview in Lausanne, Switzerland. Both previously worked at Touradji Capital Management LP, he said.
Crone started Citrine last year after seven years at Touradji, where he was head trader. Touradji managed $890 million at the end of 2011. Citrine uses exchange-listed derivatives to trade industrial metals, gold and platinum-group metals.
Gold futures in New York slumped 17 percent this year, the worst start since 1981, after a 9.3 percent drop on April 15 that capped the biggest two-day decline since January 1980. Citrine was short during the plunge, or betting on lower bullion prices, Crone said at the FT Global Commodities Summit 2013 in Lausanne, calling the slide a “big shock.”
“We saw a year’s move in 48 hours” that was “much too quick” for investors to cope with, he said. Citrine is bearish on gold and favors palladium, according to Crone.
Crone also said he’s “quite positive” on copper demand in China, the world’s biggest consumer. Bonded warehouses in the country hold 600,000 metric tons of the metal used in pipes and wiring and the market for copper scrap is “incredibly tight,” he said.