David Einhorn’s Greenlight Capital Snaps Up Gold as it Cuts Stake in Top Two Holdings

November 16, 2023

by Louis Goss Market Watch

David Einhorn’s Greenlight Capital cut its stakes in its top two holdings, U.S. housebuilder Green Brick Partners and Pennsylvania coal miner Consol Energy , and instead plowed millions into gold in the third quarter, the New York hedge fund’s 13-F filings show.

The hedge fund, which was founded by David Einhorn in 1996, increased its investment in the SPDR Gold Trust GLD by 89.22% in the third quarter, as he channeled $34.9 million into the exchange traded fund which tracks the price of gold bullion.

Greenlight first bought shares in the SPDR Gold Trust in the second quarter of 2020, during a gold price rally driven by investors seeking to protect themselves against the economic chaos wrought by COVID-19.