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Hedge Fund That Gained 103% on Gold Rally Trims Exposure

  • Delbrook Capital benefited from precious metals bets
  • Positive economic data could cause ‘rather painful whiplash’
Gold hit an all-time high on Aug. 7 before posting its first weekly drop in more than two months.

Gold hit an all-time high on Aug. 7 before posting its first weekly drop in more than two months.

Photographer: Andrey Rudakov/Bloomberg

Delbrook Capital Advisors Inc., a hedge fund specializing in metals and mining, more than doubled its return this year playing the precious metals rally. And now it’s trimming some of that position.

Vancouver-based Delbrook Resource Opportunities Master Fund LP climbed about 22% in July, up 103% for the year through last month, according to a letter seen by Bloomberg. Its benchmark, the SPDR S&P Metals & Mining ETF, rose 8.1% in July and was down about 22% for the first seven months of 2020.