Our case for gold is not based on conspiracy theory or sentimentality. On the contrary, fundamental supply/demand dynamics are in favour of higher gold prices. At the same time, the uncertainties now associated with whole classes of financial assets have enhanced awareness of risk and the need for insurance that gold can provide. Finally, the potential of a positive move in the gold price at a moment when equities deliver negative returns emphasises the diversification benefits available from gold investments.

We believe that gold and gold equities should be considered not just legitimate portfolio assets, but an integral part of any balanced portfolio.

The fund was launched in October 2003. For recent performance data and portfolio structure, please see the monthly report.