By Asjylyn Loder and Rob Williams Bloomberg Touradji Capital Management LP, the New York hedge-fund firm that oversees about $2.7 billion, bought 2.23 million shares of Barrick Gold Corp., the worlds biggest gold producer, while selling shares in SPDR Gold Trust, the largest exchange-traded fund backed by bullion. Touradjis stake in Toronto-based Barrick, valued at $84.7 million, was 82 percent of its reported equity holdings, according to a filing with regulators and data compiled by Bloomberg. The fund sold off 126,000 shares of the SPDR Gold Trust during the quarter. The trust is an exchange-traded fund backed by bullion. In a gold bull market, you can expect the equities to outperform gold, and in a bear market you would expect the stocks to get beat up more than the gold, said Chip Hanlon, president of Delta Global Advisors Inc. in Huntington Beach, California. I would say it probably means Touradji is increasingly bullish on gold. Barrick shares rose 13 percent to $37.90 in the third quarter in composite trading on the New York Stock Exchange. Gold rose 8.7 percent on the Comex division of the New York Mercantile Exchange. The SPDR Gold ETF gained 8.4 percent. Armel Leslie, an outside spokesman for Touradji, didnt respond to requests for comment. Gold futures for December delivery gained $10.10, or 0.9 percent, to $1,116.70 on the New York Mercantile Exchanges Comex division. The most-active contract rose 1.9 percent for the week, the sixth gain in the past seven weeks. Touradji Capital, founded by Paul Touradji, invests in commodities and raw-materials companies. Hedge funds are mostly private pools of capital whose managers participate substantially in the profit from speculation on whether the price of assets will rise or fall. Touradji increased investments in Petrohawk Energy by 75,000 shares to 275,000 shares, or 6.4 percent of his equity portfolio, and added 160,000 shares in Massey Energy Co.