“Big short” traders Danny Moses, Vincent Daniel and Porter Collins are focusing on one of their biggest long bets: gold. “I don’t think Americans have enough gold in their portfolios,” Collins told CNBC’s “Fast Money” in an exclusive interview this week. The three investors are known for their successful bets against the housing market before the 2008 crisis. Collins, who co-founded Seawolf Capital with Daniel, pointed to massive buying by central banks around the world and the U.S. budget deficit as reasons to buy gold. “If you just think about that one dollar in your portfolio, it’s going to be worth less tomorrow,” Collins said. “I think in … a year or two or three or five or 10 years, you’re going to make a lot more money in gold than you are in U.S. Treasuries, and I think that’s not going to change.” Gold futures are up about 15% in 2024, but are off their all-time high of $2,488.40 hit on July 17. “Gold…has been very good in the past,” Daniel noted. Daniel and Collins highlighted gold in their annual note to shareholders this month. “None of us can tell if we are bearish or bullish right now,” they wrote. “We see a slight slowdown in the economy but we continue to be very long in a strange mix of distinct longs. We remain very long in gold, gold miners, silver, platinum group metals (PGMs) and bitcoin.” “This group leads our dollar devaluation thesis. This has been on and off over the past four years, but we have bought almost every dip along the way.” Danny Moses, founder of Moses Ventures, is also bullish on gold. In a private email to Fast Money on Monday, Musa wrote that he has a “substantial long-term portfolio” in the Sprott Physical Gold Trust. The exchange-traded fund holds gold bullion. According to Sprott’s website, it’s designed to give investors exposure to the yellow metal “without the usual hassle of direct investing.” As of Friday’s close, the Sprott Physical Gold Trust is up more than 16% so far this year.
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Moses, Collins and Daniel say big short traders are investing in gold for too long.
