A top Brazilian hedge fund is betting on gold after Russian sanctions

One of Brazil’s largest hedge fund managers is betting on rising prices for precious metals after the US and other allies imposed financial sanctions on Russia in response to its invasion of Ukraine, including the freezing of certain central bank assets.

SPX Capital, which manages about 64-billion reais ($12.7-billion), built a long position in precious metals, especially gold, during the past few weeks, Ylan Adler, a partner and head of commodities at the firm, said in an interview.