Diamond bags a golden boy
BARCLAYS Capital boss Bob Diamond might well be justified in offering £30m for star metals trader Todd Edgar and his team – the trader is known for his nerves of steel and Midas touch when it comes to market calls.
The 35-year old, who has ditched JP Morgan to join Diamond, is well regarded in futures circles for netting the bank $250m (£153m) betting on gold over just a few months.
Edgar, who left the bank in the last few weeks, took on a massive gold futures position within the $2bn proprietary portfolio he ran back in 2007.
He also piled into spot gold – based on the current price of the metal – precisely as the commodity hit its low for the year. He then refused to budge, building on the position as prices moved towards a 27-year record high hitting $833.50 in the first week of November.
The trader took maximum value from the trades by upping his gold exposure whenever prices dipped, and then selling down his stake as they hit spikes.
When not gaining his employers sums equivalent to the output of a small nation, Edgar is a prolific surfing enthusiast and is said to favour the Mentawai Islands, which lie off the coast of Sumatra, Indonesia.