Einhorn Says Gains From Bet Against Yen Cushion Gold’s Decline

Hedge fund manager David Einhorn said first-quarter gains from betting against the Japanese currency cushioned declines tied to gold, and told investors that monetary policy affirms his strategy on both assets.

“The Bank of Japan officially joined the global monetary printing race,” Einhorn said today on a conference call held by his Greenlight Capital Re Ltd. reinsurer. “It seems that every time a central banker takes a more aggressive action, without short-term negative consequences, it reinforces the behavior of other central bankers. We believe that recent events, including the regime change at the Bank of Japan, support our long-term thesis of both a weaker yen, and stronger gold.”

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