Hedge funds are turning to gold for refuge as the world’s stockpile of negative-yielding debt grows bigger by the day. The yellow metal is favored by Ensemble Capital’s Damien Loh, a former options trader at JPMorgan Chase & Co., as global bond valuations reach nosebleed territory. AMP Capital Investors Ltd.’s dynamic fund is also backing bullion, while Morphic Asset Management Pty is betting on gold to outperform the dollar. “We’re on watch for a recession, and I think many roads at the moment still lead to gold,” said Geoff Wood, Morphic’s head of macro and risk in Sydney. “I’ve got absolutely nothing on” for ... (full story)