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The Illinois based hedge fund management group, Sentinel Management Group, has asked regulators for permission to stop investors withdrawing funds from some Sentinel Management Group investment funds.
Sentinel Management Group have contacted the Commodity Futures Trading Commission and called for withdrawals to be frozen until Sentinel Management Group â€œcan honor them in an orderly fashionâ€.
â€œInvestor fear has overtaken reason and has induced a period in which most securities have simply ceased to trade,â€ according to the client letter, which does not specify which funds are affected.â€
â€œWe are concerned that we cannot meet any significant redemption requests without selling securities at deep discounts to their fair value and therefore causing unnecessary losses to our clients.â€
Market analyst Sam Kirtley of The Gold Prices Newsletter said: â€œThis shows how much fear is in the market at present. When investors get scared, they seek a safe haven and the best safe haven is gold and silver. This is why we have urged our readers to invest in gold and gold stocks to profits from the rush of investors that are going to come to gold to protect and preserve their capital.â€
Sentinel Management Group is in charge of $1.6 billion according to a filing with the U.S. Securities and Exchange Commission last month.